Russia has decided to ban all Ukrainian food imports, beginning January 1, 2016, according to Alexey Ulyukaev, Russia's Minister of Economic Development.

The Russian government has warned before that it might impose an embargo on Ukrainian food imports, in connection with the implementation of an association agreement between Ukraine and the European Union. That agreement will take effect on January 1, 2016.

Aivaras Abromavičius, Ukraine's Minister of Economic Development and Trade, says the Russian embargo won't cause significant damage to the Ukrainian economy. According to Abromavičius, trade with Russia constitutes just 12.5 percent of all Ukrainian trade today.

Natalia Mikolskaya, Ukraine's Deputy Minister of Economic Development and Trade, points out that most Ukrainian goods are already banned in Russia thanks to the existing embargo.

In 2014, Moscow banned the import of various foods from countries that currently levy sanctions against Russia for the annexation of Crimea and military intervention in eastern Ukraine. The embargo has led to a rise in food prices in Russia.