28 Mar 2024
Sunday 10 August 2014 - 17:51
Story Code : 110557

Russias food import bans to cost EU $16bn

[caption id="attachment_110558" align="alignright" width="314"] Russias food import bans could cost the EU economy $16 billion, official data show.[/caption]
According to official European Union data, Russias sanctions on agricultural food imports from the EU could drag the continent back into crisis and cost its economy USD 16 billion (12 billion euros).
As per official EU statistics, Russia imports 35 percent of the food it consumes every year and imports 10 percent of its needs from the EU amounting to USD 16 billion.

The Russian embargo bars food imports from the European Union, the US, Australia, Canada and Norway.

The Russian bans are taking their toll on the 28-nation blocs food exports, with a cheese order worth USD 50,000 now stranded at Britains Shropshire depot.

The Shropshire-based producer Belton Cheese said it is set to lose millions in business as a result of Russias trade embargo.
"In the year-to-date we have sold 50 tonnes of cheese into Russia, and expected to do 120 in the first year, and over the next three years that would equate to nearly 2 million (USD 3.36 million) worth of business," the companys marketing manager Alison Taylor said.
Russiaenforced the economic tit-for-tat restrictions following a recent decision by the EU and the United States to tighten sanctions on Russia over Moscow's alleged role in backing pro-Russian forces fighting the Ukrainian government.

The Western powers accuse Moscow of playing a role in the ongoing crisis in eastern Ukraine, but the Kremlin denies the accusation.

By Press TV

 

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