Russia could lose over $2.8 billion from EU-Ukraine association, says Putin

The association agreement signed between the European Union (EU) and Ukraine could cost Russia billions and force it to introduce protective measures, said Russian President Vladimir Putin.

The association agreement signed between the European Union (EU) and Ukraine could cost Russia billions and force it to introduce protective measures, said Russian President Vladimir Putin.

"Due to Ukraine adopting zero duties on EU imports (which is to take effect almost immediately after the ratification of the agreement and will affect 98 percent of the goods nomenclature), it is obvious that there will be a significant increase in European goods' supplies to the Ukrainian market. We understand our European partners who have effectively and have already mastered the Ukrainian market well. They want to grab everything that is still left there and oust all the others. Furthermore, the less competitive Ukrainian products will be ousted from the Ukrainian market. Where to? Primarily to Russia. And to the other Customs Union (CU) countries, but primarily to ours. Nor should one discount the risk of unlawful re-export of EU products disguised as Ukrainian goods to the CU market," Putin said at a meeting between the CU heads of state and Ukraine's president in the presence of representatives from the European Commission.

Read more: Loss of Ukraine's military-industrial complex will cost Russia $938 million>>>

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