Netherlands to lose $1.5 billion as Russia bans EU food imports

The economic damage from the Russian boycott of Dutch food products could reach €1.5bn, Dutch employers' organisation VNO-NCW chief Hans de Boer said on Tuesday, Dutch News reports. 

Last Thursday Russia announced a ban on the import of fruit, vegetables, meat, fish and dairy products from countries which support the sanctions imposed on the country by the EU and US. Earlier calculations of the damage were €500m but De Boer said this is too optimistic.

"That calculation did not take into account the Dutch dealers who operate from eastern Europe,'" he said.