Ukraine to introduce countersanctions against Russia

Verkhovna Rada supported a bill on foreign economic activities

The Ukrainian Verkhovna Rada supported a bill submitted by the government, authorizing it to take countermeasures in foreign trade in response to the "aggressor country's" discriminatory actions in relation to Ukraine.

The relevant bill amending the law on foreign economic activities was supported by 291 parliamentarians at the Dec. 23 session, an Interfax correspondent reported from the Rada.

The bill adds the following clause to the article of the law concerning measures in response to other countries' discriminatory or unfriendly steps: "If discriminatory or unfriendly actions in relation to Ukraine are taken by a state recognized by the Ukrainian Verkhovna Rada as an aggressor country or an occupying country, countermeasures […] can be taken at the Ukrainian Cabinet of ministers' decision."

The document mentions possible countermeasures that may be taken, including a ban on foreign economic transactions or their limitation and the repeal of tariff benefits (preferences) on the Ukrainian Customs Tariff rates through suspending the exemption of goods from import taxation, the application of preferential or full import tax rates, or the repeal of tariff quotas.

The law takes effect the next day after its official promulgation.

It was reported earlier that the bill had been registered with the Verkhovna Rada on December 23.

The Verkhovna Rada officially recognized Russia as "an aggressor country" on January 27, 2015.

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