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The European Commission Estimated Agricultural Losses
3.09.2014 17:49
The European Commission Estimated Agricultural Losses
(Source: http://www.restoclub.ru/review/29663)

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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