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The European Union Countries, the USA, Canada, Norway and Australia Lost 8.6 Billion Dollars Because Of Food Embargo
August 3, 2016 14:31


The European Union countries, the USA, Canada, Norway and Australia have lost a market of 8.6 billion dollars per year because of the food embargo on Russia. This was said by the Ministry of Economic Development on Tuesday, August 2, according to RIA Novosti.

According to the Ministry’s data, food imports from these countries fell by 96.5 percent in terms of value, from 8.96 billion dollars in 2013 to 312.3 million dollars last year. In real terms, the supplies fell by 98.9 percent, from 4.33 million tons in 2013 to 46.5 thousand tons in 2015.

The Ministry of Economic Development also noted that there was a large number of expert assessments of losses of foreign countries from food embargoes. According to one of them, a total loss of the EU countries due to the sanctions confrontation with Russia amounts to about 40-50 billion euros per year, or about 0.4 percent of GDP of the EU. On August 2 the Ministry of Economic Development reported that food prices in Russia grew by 31.6 percent during the two years of the food embargo mode.


Author: Anna Dorozhkina


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