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Russia's food import bans to cost EU $16bn

Staff writer |
According to official European Union (EU) data, Russia's sanctions on agricultural food imports from the EU could drag the continent back into crisis and cost its economy $16 billion (12 billion euros).

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As per official EU statistics, Russia imports 35 percent of the food it consumes every year and imports 10 percent of its needs from the EU amounting to $16 billion.

The Russian embargo bars food imports from the European Union, the US, Australia, Canada and Norway. The Russian bans are taking their toll on the 28-nation bloc's food exports, with a cheese order worth USD 50,000 now stranded at Britain's Shropshire depot.

Russia enforced the economic tit-for-tat restrictions following a recent decision by the EU and the United States to tighten sanctions on Russia over Moscow's alleged role in backing pro-Russian forces fighting the Ukrainian government.

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