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Greek peach exporters, the most affected by Russian embargoThe cost of the sanctions imposed by the European Commission against Russia since 2014 has been estimated at 30 billion Euro (due to the imposition of the Russian embargo on imports of European agricultural products). This is the result of a survey carried out on behalf of the European Parliament and presented in Vienna by the Austrian Institute of Economic Research. As a result of the sanctions, EU exports to Russia have dropped by 10.7% between 2014 and 2016. For Greece, exports to Russia in the same period have fallen by 23.1%, with a total financial loss of 250 million Euro.
In Greece, the fruit growing sector has been most badly affected, and especially peach producers. According to Greek fruit and vegetable exporters, the total loss for the sector amounts to about 450 million Euro.
For his part, the President of the Consortium of Producer Cooperatives of the Prefecture of Imathia, Christos Giannakakis, pointed out to AgroTypos that "before the imposition of the embargo, our country exported an average of 42,000 tonnes of peaches to Russia. The average producer price was 1 Euro per kilo." This entails that a total of 168,000 tonnes of peaches have not been exported to the Russian market in the years since the imposition of the embargo (2014-2017), with producers having lost around 168 million Euro.
At EU level, the highest drop in the export volume has been reported by Cyprus (-34.5%; -20 million Euro), while the highest drop in terms of revenue has been recorded by Germany, with the value of exports falling by EUR 11.1 billion between 2014 and 2016 (a 13.4% drop), representing more than a third of total EU losses.
As reported in the survey, up to 40% of the total reduction in EU exports to Russia has been linked to the sanctions imposed against Moscow, while exports had declined by 15.7% year-on-year in previous years. Between 2009 and 2013, there had been an increase in EU exports to Russia averaging 23.5% per year.
In 2013, the value of EU exports to Russia amounted to EUR 120 billion and in 2016 it was limited to EUR 72 billion, with Russia ranked fourth in the list of the most important trading partners outside the EU.
The study found that the sanctions have particularly affected exports of agricultural products and food from the EU to Russia, with their volume being reduced between 2014 and 2016 by 22.5%.
Publication date: 10/12/2017
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