: Russia to count the economic losses of its Western counterparts

15:20 May. 23, 2016

Russia to count the economic losses of its Western counterparts

Russians shop for food following import ban. Moscow, Russia. (GettyImages)

Kremlin claims to have deprived food producers of 9 billion U.S. dollars by banning food import

Russia claims to have estimated the total sum of losses the Western businessmen went through after the food ban in 2014. According to the report "Food embargo: conclusion 2015" by Russian governmental analytical centre food producers from the E.U. and the U.S. lost nearly 9,5 billion U.S. dollars on having lost the Russian outlet.

The authors of the report add the numbers do not include data from Ukraine and Turkey.

Read also AFP: Russia blocks transit of Ukrainian goods

It is stressed in the document the first so called wave of food ban was the most significant. In August 2014 Russia banned the import of foreign beef, pork, poultry, fish, and dairy products from the E.U., the U.S., Canada, Australia, and Norway.

Read also Moscow Times: Russian lawmaker proposes 12 years in prison for food smugglers

The aforementioned countries had previously launched sectoral economic sanctions against Russia in view of its military aggression in eastern and southern Ukraine. The economists then estimated, the West is to lose export more than 9 billion U.S. dollars in total.

Watch also Reciprocal ban on Russian products comes into force in Ukraine

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