Situation in Ukraine may have negative effect on Customs Union - Putin

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President Vladimir Putin said on Wednesday that the crisis in Ukraine could have a negative effect on the Customs Union linking Russia, Belarus and Kazakhstan, and called for measures to protect the three nations' producers and exporters. "There might be negative effects for the Customs Union as well, so we should all think together on what needs to be done to protect our producers and exporters and work out parameters of cooperation with Ukraine," Putin said during a meeting of the Higher Eurasian Economic Council attended by the presidents of Belarus and Kazakhstan.

"The extraordinary situation ... in Ukraine arouses serious concerns," Putin told the presidents of Belarus and Kazakhstan at the start of talks at his residence outside Moscow.

"Ukraine is a key economic partner of the Customs Union. Close industrial and trade ties unite us. Ukraine belongs to the CIS free trade zone. The extraordinary situation in Ukraine arouses most serious concern. The Ukrainian economy is in a deep, if not very deep crisis. Negative consequences for the market of the Customs Union are also possible," he said opening a session of the Supreme Eurasian Economic Council at the level of heads of state.

"Together we should think about what should be done to protect our manufacturers and exporters. And also work out parameters of further interaction with Ukraine," he said.