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The European Commission Estimated Agricultural Losses
3.09.2014 17:49
The European Commission Estimated Agricultural Losses

After the ban was imposed on the various kinds of agricultural products by the Russian Federation, the European Commission has estimated that total loss equals € 5 billion because of the embargo. 

      The European Commissioner for Agriculture and Rural Development Dacian Ciolos has concluded that the damage to the economy of the European countries makes  € 5 billion due to the ban on the supply of their agricultural products to the Russian Federation. 

      According to him, the Russian embargo has affected 4.2% of total exports of the European Union, which is slightly less than half of the total EU exports to Russia. EU exports to Russia 10% of its agricultural products. Embargo severely affected the sector of fruits and vegetables, as well as dairy products.

      Earlier today, the European Commission has decided to allocate additional € 30 million to support  its local agricultural producers.


Author: Anna Dorozhkina

Tags: sanctions products ban    

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