The Countries Hardest Hit By Russia's Trade Ban

August 14th, 2014
in News, econ_news, syndication

from Felix Richter,
by Niall McCarthy

Russia banned imports of U.S. and European agricultural goods last week, a move that illustrated how far ties between Moscow and the West have deteriorated since the onset of the crisis in Ukraine.

Follow up:

The sanctions are bad news for European farmers at a time of slow economic growth and falling food prices in the EU. Poland exports over $1.1 billion of agricultural products to Russia every year and its fruit sector, apples in particular, is set to be hard hit.

The Norwegian seafood industry is also searching for new export markets, especially for salmon. Norway exported over a billion dollars worth of fish to Russia in 2013. The situation is also starting to have serious repercussions in Russia itself. Food prices in Russia were already high before the ban and now they're expected to increase even further while shortages could also arise - imported ingredients account for about 50 percent of Russia's restaurant market alone.

This chart shows the value of sanctioned food exports to Russia by country

Infographic: The Countries Hardest Hit By Russia's Trade Ban | Statista
You will find more statistics at Statista


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