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 Russian parliament cancels free trade area with Ukraine

The State Duma of the Russian Federation has adopted a law on the suspension of the Agreement on free trade area (FTA) with Ukraine effective Jan. 1, 2016.

The decision was taken unanimously, Censor.NET reports citing TASS.

"We make this law in connection with the entering of the economic part of the Association Agreement between Ukraine and the EU into force to protect the economic interests of the Russian Federation," Speaker of the State Duma Sergei Naryshkin told reporters. In turn, Head of the Committee on CIS Affairs, Eurasian Integration and Ties with Compatriots Leonid Slutsky noted that the law has a reversible effect. "If the situation in Ukraine is settled (and we believe that our relations will be restored), one of the first solutions in the inter-state relations between Moscow and Kyiv will be a decision on the resumption of the Free Trade Area Agreement," he said.

Read more: EU hopes for better after consultations with Russia on EU-Ukraine Free Trade Area

Earlier, Russian President Vladimir Putin signed a decree on termination of the agreement on free trade area with Ukraine from January 1, 2016 "due to exceptional circumstances affecting the interests and economic security of the Russian Federation that require immediate measures." In addition, he submitted a draft federal law "on the suspension by the Russian Federation of the agreement on the free trade area with Ukraine" to the State Duma. According to the clarification, the suspension of the preferential trade agreement with Ukraine is envisaged in order to prevent threats to the economic security of Russia.

Read more: Cabinet imposes temporary ban on import of goods in occupied Crimea
 
 
 
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