Russias ban on imports of food from Europe, part of its response to EU sanctions imposed over the Ukraine crisis, could cost the European Union 5 billion euros (4 billion pounds) a year, according to an internal EU document seen by Reuters. Russia, which is the EUs second biggest food market after the United States, decreed the one-year ban on Aug. 6. on European fruits and vegetables, dairy products and meat, accounting for almost half of the blocs food exports to Russia. Big fruit and vegetable exporters such as Poland and the Netherlands are already feeling the impact of the embargo and the European Commission, the EU executive, is seeking ways to compensate farmers or find new markets for the food. Germany, which has led the EUs decision to impose sanctions on Russia, is also suffering as one of the blocs main meat and dairy exporters. The overall temporary restrictions currently applied by Russia potentially jeopardise 5 billion euros worth of trade, said the document, which was presented to European Commissioners in Brussels on Wednesday.
Posted on: Thu, 04 Sep 2014 05:51:55 +0000
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