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U.S. losses from Russian food ban $715 million

Staff writer |
The U.S. Department of Agriculture has assessed the losses from Moscow's food import prohibition at $715 million per year, basing the estimate on imports of $1.3 billion, with the ban covering 55% of sales, the authority said in a statement.

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On August 7, Russia banned imports of beef, pork, poultry, fish, cheese, dairy products, fruit and vegetables from Australia, Canada, Norway, the US and the EU for one year in a response to Western sanctions.

The U.S. has an 4% share in Russian food imports, while the EU is the largest importer with a 40% share.

American companies were the largest suppliers of nuts to Russia in 2013 with the US almond supplies standing at 95% of all almonds imported to Russia last year.

The US accounted for about 50% of chicken imports to Russia, while Russia ranked fourth in US export with a 6% share.

Pork, beef and fish supplies were less significant both for the US and Russia, the authority said.

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