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

Staff writer ▼ | August 11, 2014
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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The cost   War is bad for business
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.