The loss of suppliers from the Russian embargo is estimated at $8.6 billion

Suppliers Western countries have lost from the food embargo imposed by Russia in response to international sanctions, market in the Russian Federation at $8.6 billion per year. This assessment led the Ministry of economic development, reports “RIA Novosti”.

Compared to 2013 (to enter the food embargo) in 2015, according to an analysis of the import of goods prohibited for import to the territory of Russia, delivery from USA, EU, Canada, Norway and Australia in terms of value fell by 96.5%, or €8.6 billion ($8,961 billion to $312,3 million), said the Ministry. In real terms, food imports declined at 98.9%, with 4,331 million tons to 46.5 thousand tons.

The Ministry also pointed to the existence of a large number of expert estimates of the losses of Russia and the countries of the West from the food embargo. “So, for example, estimated the total losses of EU from sanctions confrontation with Russia — around €40-50 billion a year — about 0.4% of EU GDP, which by the end of 2015 amounted to €14.6 billion”, — quotes Agency the words of the representative of the Ministry.

At the end of may the assessment of losses in Western countries-suppliers from the food embargo was contained in the report “Food embargo: end of 2015”, which was prepared by the analytical center for the Russian government. According to him, the embargo by Western suppliers lost last year to $9.3 billion.

The food embargo was introduced by Russia in August 2014 against Western countries that have imposed sanctions against the Russian Federation because of the situation in Ukraine. Then under the ban of meat, sausages, fish and seafood, vegetables, fruits, dairy products. In the summer of 2015, the embargo was extended for a year in connection with the extension of anti-Russian sanctions. At the end of June this year, the embargo was extended again until December 31, 2017.