The Sunday News
EUROPE’S deteriorating relationship with Russia has hit the region’s growth, even before new food sanctions begin to bite.
Russian President Vladimir Putin, in a tit for tat move against Western sanctions, last week banned imported European cheese, American chicken and Norwegian seafood from the country’s dinner tables. The move was in response to countries imposing economic sanctions against Russia in the aftermath of the flight MH17 disaster.
The Kremlin banned most agriculture products from the US, the European Union, Norway, Canada and Australia — a move that will likely hurt the West’s already fragile economic recovery.
Europe’s food exports to Russia were worth $15,8 billion in 2013, making up around 10 percent of the bloc’s agriculture exports, according to EU data. European countries sold $1,6 billion worth of pork and $1,3 billion worth of cheese and curd to Russia.
The US shipped $1,3 billion worth of food to Russia, with chicken and other poultry making up a quarter of the total value, around $310 million.
The ban of foreign food is more than just an inconvenience for Russians who like imported food. Russia is the world’s fifth largest agricultural importer and remains dependent on food supply from abroad — its agricultural trade deficit extended to $26 billion in 2013, according to data from the European Commission.
With billions worth of food disappearing from the market, prices are likely to go up and experts forecast increased Russian inflation, which is already running at 7,5 percent.
Russians will still be able to enjoy European wines and spirits, as well as bread, pasta and cereals. These have escaped the embargo — even though their ban would hurt Europe economically. In 2013, EU countries sold nearly $1 billion worth of spirits and $733 million worth of wine to Russia.
Explore CNN’s infographic above to see what items are likely to disappear from Russian menu.
The US shipped $1,3 billion worth of food to Russia, with chicken and other poultry making up a quarter of the total value, around $310 million.
The ban of foreign food is more than just an inconvenience for Russians who like imported food. Russia is the world’s fifth largest agricultural importer and remains dependent on food supply from abroad — its agricultural trade deficit extended to $26 billion in 2013, according to data from the European Commission.
With billions worth of food disappearing from the market, prices are likely to go up and experts forecast increased Russian inflation, which is already running at 7,5 percent.
Russians will still be able to enjoy European wines and spirits, as well as bread, pasta and cereals. These have escaped the embargo — even though their ban would hurt Europe economically. In 2013, EU countries sold nearly $1 billion worth of spirits and $733 million worth of wine to Russia. — CNN.
