Gov't to help firms affected by embargo

Deputy PM and Minister of the Economy Janusz Piechociński claimed that Poland won't leave its companies operating in Russia and the Ukraine without help. According to the minister, the downturn in trade with Russia and Ukraine is primarily due to the economic slowdown experienced by both countries during the current political crisis. The weaker position of the ruble and the hryvnia currencies have also contributed to the problem, said Piechociński. The Ministry further stressed the need of firms maintaining their position in the Ukrainian and Russian markets as well as the continued importance of these markets to Polish exports. According to the Ministry, export to Russia fell by 9.4 percent in the current year, while export to Ukraine fell by 25.1 percent. The whole of Polish exports have actually grown y/y by 7 percent, reaching €66.75 billion for the period of January-May 2014, according to the Central Statistics Office (GUS).