Ukraine Imposes Trade Embargo On Russia

Ukraine has imposed a complete trade embargo with Russia. The government’s decision prohibits the import of all goods from Russia, Taras Melnychuk, the representative of the Cabinet of Ministers in the parliament said on April 9.

Photo Insert: The National Bank of Ukraine (NBU) said funds from IMF's special account to support Ukraine will be used to stabilize the country's economy.

In 2021, Ukraine imported over $6 billion worth of goods from Russia, Kyiv Independent reported.

The National Bank of Ukraine (NBU) said funds from IMF's special account to support Ukraine will be used to stabilize the country's economy. NBU confirmed that Canada plans to send up to 1 billion Canadian dollars (US$795 million) to this account, which was approved by the International Monetary Fund (IMF) on April 8, to channel international donor resources for Ukraine.

NBU said the hryvnia rate remains frozen until martial law ends. Deputy Head of the National Bank Serhiy Nikolaychuk said that the official hryvnia exchange rate – 29.25 per US dollar – will be maintained until the end of martial law in Ukraine.

Afterward, it will “gradually” return to a floating rate as the central bank eases restrictions, he added.

S&P also cut Russia's foreign currency rating to “selective default.” The agency said on April 9 that Russia was unlikely to honor its obligations to foreign bondholders. Earlier in April, Russia made Eurobond payments in rubles instead of dollars, and S&P believes bondholders are unlikely to convert them into dollars.

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