Russian Economic Development Ministry: West loses $8.6 billion from food embargo

The EU, the US and other Western countries lose an average of $8.6 billion every year from loss of market access following the introduction of a food embargo by Russia, the Russian Economic Development Ministry said.

Russian President Vladimir Putin signed a decree on August 6, 2014, banning for one year agricultural and food product imports from countries that imposed sanctions on Russia, including Canada, Norway and Australia in addition to the US and the EU.

The ministry’s analysis on the eve of the extended food embargo’s anniversary indicated an annual decline in imports to Russia from the countries amounting to 96.5% from 2013, or $8.6 billion.

"It can be stated that there was a loss of Russian market in the amount equivalent to the agricultural product import declines from these countries," Sputnik cited the ministry as saying.

In real terms, it said Western product imports declined by 98.9% from 4.331 million tonnes (4.7 million US tons) to 465,000 tonnes (512,500 US tons).