Losses caused by deterioration of Ukraine-Russia trade relations estimated at $1.1 bn yearly, - NBU Head Hontarieva

National Bank of Ukraine (NBU) Head Valeria Hontarieva said at a press conference on Thursday, Censor.NET reports citing Interfax-Ukraine.

"The overall impact on the trade balance by the further deterioration of trade relations with the Russian Federation was estimated at $1.1 billion shortfall. This is the ground for the lion's share of the $2.5 billion revenue deficiency we expect this year.

Read more: Trade between Ukraine and Russia continues plunging, - National Bank

"The major part of this impact was recorded at the beginning of the year. According to our estimates, Ukraine has lost about $200 million income from the export to the CIS countries and Russia due to these reasons in January alone," Hontarieva said.

The NBU head noted that =retargeting to new markets and laying of new routes by the Ukrainian exporters has not been fast enough.