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Countries hardest hit by Russian trade bans

Countries hardest hit by Russian trade bans article image

Russia has banned imports from a broad range of western countries in retaliation to trade sanctions imposed as a result of the Ukraine crisis.  

Ties between Moscow and the West since the crisis are fast approaching an all-time low.  

The sanctions are bad news for European farmers at a time of slow economic growth and falling food prices in the EU.  

Poland exports over $1.1 billion of agricultural products to Russia every year and its fruit sector, apples in particular, is set to be hard hit.  

The Norwegian seafood industry is also searching for new export markets, especially for salmon. Norway exported over a billion dollars worth of fish to Russia in 2013.  

The situation is also starting to have serious repercussions in Russia itself. Food prices in Russia were already high before the ban.  

They are expected to increase even further while shortages could also arise.  Countries hardest hit by Russian trade bans

Australian exports  

Imported ingredients account for about 50 percent of Russia's restaurant market alone.  

Australia’s agricultural exports to Russia represent about one percent of our total trade.  

Last year Australia’s agricultural exports to Russia were valued about A$405 million, but since then some commodities – including beef (A$159 million) – have already been banned.  

Primary produce exports include milk and dairy products (A$76 million), live animals, excluding seafood, (A$55 million) and fruit and nuts (A$9 million).  

Russia ranks number 28 on Australia’s list of export destinations and is not regarded as a major trading partner. 

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