West suffers $8.6bn annual losses from Russian food embargo

Aug 02, 2016 12:00 AM

The United States, the European Union and other Western countries lose an average of $8.6 billion every year from loss of market access following the introduction of a food embargo by Russia, the Russian Economic Development Ministry said Tuesday.

Russian President Vladimir Putin signed a decree on August 6, 2014, banning for one year agricultural and food product imports from countries that imposed sanctions on Russia, including Canada, Norway and Australia in addition to the US and the EU.

The ministry’s analysis on the eve of the extended food embargo’s anniversary indicated an annual decline in imports to Russia from the countries amounting to 96.5 percent from 2013, or $8.6 billion.

"It can be stated that there was a loss of Russian market in the amount equivalent to the agricultural product import declines from these countries," the ministry told RIA Novosti.

In real terms, it said Western product imports declined by 98.9 percent from 4.331 million tonnes (4.7 million US tons) to 465,000 tonnes (512,500 US tons).

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