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. Last Updated: 07/27/2016

Ukraine Bans Old Cars

KIEV -- Ukraine banned imports of used cars more than five years old into the ex-Soviet state Monday to appease South Korea's Daewoo, which has promised to invest $1.3 billion in a joint venture to manufacture cars.

Ukraine has been hoping to sign the joint production agreement between the AvtoZAZ carmaker and South Korean partner Daewoo Motor Co., but the deal has been delayed because of Ukraine's failure to impose restrictions and high customs duties on car imports.

"The law foresees limiting imports to Ukraine of cars that have been in use for five or more years and establishing a $5,000 minimum customs value on cars under five years old," said a government statement on the law which takes effect April 1.