Zelenskyy instructs lawmakers to formalise trade halt with Russia as war enters day 43

Amid the ongoing Russian invasion of Ukraine, Ukrainian President Volodymyr Zelenskyy has directed the Kyiv lawmakers to formalise Ukraine's trade halt with Russia. In a statement by the presidential press service, authorities on Wednesday informed that the cessation of bilateral trade comes after Ukraine completely terminated import and export operations following the Russian onslaught on February 24.

Notably, the blow on bilateral trade between Ukraine and Russia comes after Kyiv recorded a 38.7% year-on-year rise in business with Russia in 2021. According to Ukraine's Fiscal Service, as quoted by Xinhua, the trade growth was valued at $10.09 billion. Subsequently, Ukrainian exports grew by 26% to $3.44 billion and imports increased by 45.9% to $6.65 billion.

Zelenskyy seeks an international trade embargo with Russia

The move comes in sync with Zelenskyy's ongoing appeals to the international community to bolster sanctions against Russia, proposing that all countries that are dependent on Russian oil and energy imports must boycott purchases from Moscow. On March 31, the Ukrainian President urged the Netherlands government to stop trade with Russia, explaining that the Kremlin was funding the war with revenues from oil and gas. He further underlined that those responsible for waging the war against Ukraine "must be tried at Hague''.

However, Dutch Prime Minister Mark Rutte responded to Zelenskyy's request, saying that the Netherlands will not immediately boycott Russian energy. Speaking to Dutch broadcaster NOS, Rutte said that Amsterdam "aims to get rid of" Russian energy supplies, "but it will not be possible in short term." He also added that the Netherlands sanctions package is "unprecedented."

Meanwhile, the European Union (EU) on Tuesday proposed an embargo on Russian coal as a part of a new set of sanctions against the Kremlin for its actions in Ukraine. "We will impose an import ban on coal from Russia, worth 4 billion euros per year," EU Commission President Ursula Von der Leyen announced, as quoted by CNBC. The cut is expected to hit an important revenue source for Russia marking a significant escalation in punitive measures against Moscow. The EU is also working on additional sanctions like taxes or specific payment channels such as escrow accounts, including oil imports, the EU Commission President said.

(Image: AP)