Russian Federation extends food import ban for another year

President Putin recently signed a decree extending Russia’s ban on import of agricultural products from countries that applied economic sanctions against Russia until the end of 2021. Predominantly aimed at the EU, the UK was separately added to the list, to reflect its Brexit separated status.

Since 2014, Russia has banned many agricultural products from the USA, the EU, Canada, Australia, Norway, Ukraine, Albania, Montenegro, Iceland, and Liechtenstein, in retaliation for these countries applying economic sanctions after Russian military forces entered and occupied the Crimea territory of Ukraine.

Moscow’s alleged involvement in military conflict in eastern Ukraine was also cited by western countries which targeted Russia’s finance, energy and defence sectors with sanctions which hurt the Russian economy, restricting Russian access to global financial markets and cutting Russian imports of key technologies.

With meats, fruit, and vegetables from the EU also banned, there was a fall from around €11.8 billion in 2013 to around €6 billion in 2017 in EU agri-food exports to Russia. Finland, the Netherlands, Lithuania, Poland, and Germany were the member states worst affected.

Source: irishexaminer.com


Photo source: Dreamstime.com


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