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French pig farmers lost 1 billion euros due to Russian embargo

Staff writer |
French pig farmers estimated that due to the Russian embargo that led to the oversupply in the EU food market the pig producing industry alone lost almost a billion euros, France Info reported.

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A similar pattern can be seen in other areas of the French agricultural industry, the source said.

Last August, Russia issued a one-year ban on the import of food from the EU, the United States and some other Western countries in response to anti-Russian sanctions imposed against it over the Ukrainian crisis.

At that time, Russia was the EU's second-biggest market for food exports. The list of products includes meat, poultry, fish, seafood, dairy products, fruit and vegetables. In June, following the EU's decision to extend sanctions against Russia, Moscow decided to respond, extending the food embargo for another year.

Since the EU cannot import its farming produce to Russia, its food market has become oversupplied, causing a dramatic fall in food prices. This, in turn, is hurting European farmers, who need high food prices to make a living and keep their businesses afloat.

"French pig farmers are losing 0.2 euros from each pig carcass over the past year and a half, which has already accumulated to more than 800 million euros in losses," said Paul Auffray, President of the French National Federation of Pork Producers, as cited by France Info.

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