KIEV, March 16 (Xinhua) -- Ukrainian Prime Minister Volodymyr Groysman announced here on Friday that Ukraine is ready to scrap its 2011-2020 economic cooperation program with Russia.

"We are preparing a decision to terminate the program of economic cooperation (with Russia)," the government press service quoted Groysman as saying.

The measure will be part of Ukraine's sanctions against Russia, he said.

Kiev has so far imposed sanctions on about 500 Russian companies and more than 1,000 individuals over their alleged role in the Ukrainian crisis.

Relations between Kiev and Moscow have soured since 2014 when Crimea was incorporated into Russia following a local referendum. Ukraine says the peninsula was annexed.

Russia was Ukraine's largest trade partner last year, with bilateral trade amounting to 11.1 billion U.S. dollars.