KYIV, June 8 – The adopted law, which has come into effect, amending the Tax Code of Ukraine by adding base oils to the list of excisable goods will have serious negative impact on production of lubricants in Ukraine, industry executives said.

The work of the oil and lubricant industry in the country completely stopped, as the legislation has not provided for a transition period, so that manufacturers can prepare to work with excisable goods, used in production of 90% of oils and lubricants, said Maksym Tokin, Marketing Director of LLC Ukrainian-British Joint Venture Azmol-British Petrochemicals.