KIEV, Nov. 1 – The signing of the association agreement between Ukraine and the European Union will be positive for Ukraine's trade over the long term, but there could be short- to medium-term negative impact largely related to Russia's reaction, Standard & Poor's Rating Services said.

"Russia would likely respond by imposing trade restrictions on Ukraine similar to those of August 2013. Exports to Russia would likely fall as a result. Russia accounted for 26% of Ukrainian commodities exports in 2012 and 39% of services exports," S&P said in a press release issued on Friday.

The agency recalled that in 2012 Russia accounted for 26% of Ukrainian commodities exports and 39% of services exports.