At least replace the banned food supplies from other countries the impact of barriers to trade with Turkey will be weakened, the report of the Bank of Russia on monetary policy.
MOSCOW, 11 Dec. A ban on the import of certain products from Turkey, which will enter into force on 1 January, could lead to disruptions in the supply of fruit and vegetables to Russia, but as the replacement of these supplies, this impact will be weakened, says the report of the Bank of Russia on monetary policy.
Russia imposed a series of economic restrictions against Turkey, whose air force on 24 November brought down a Russian su-24 bomber. From 1 January 2016 the Russian Federation has banned the importation from Turkey of certain products, particularly meat and chicken breast, tomatoes, onions, cauliflower, cucumbers, oranges and tangerines, grapes, apples, pears, peaches and plums, strawberries.
“A ban on the import of Turkish products may lead to disruptions in the supply of fruit and vegetables to Russia. However, as the substitution of banned food supplies from other countries and domestic products, the effect of these restrictions will be weakened,” — said in the report of the Bank of Russia.
The Central Bank indicates that the impact of the ban on the import of products from Turkey in total imports of Russia will be insignificant. Food groups that fall under the restrictions, in January-September this year amounted to only 0.4% of Russian imports. However, in bilateral trade, the share of banned products is relatively high.
“In January-September 2015 imported from Turkey products from the banned groups accounted for 19% of the Russian imports from Turkey. On specific products the dependence of Russia from supplying Turkey significant: 67% of physical volume of import of apricots, 55% of tomatoes, 45% of the grapes,” says the regulator.