Russia bans food imports in retaliation for Western sanctions

Global Business

Russian experts are estimating how much the decision to ban food imports will cost.
While some see it as a possibility for local producers to grow, others say Russian businesses aren’t ready for the demand.
Daria Bondarchuk reports from Moscow.

Russia bans food imports in retaliation for Western sanctions

Russian experts are estimating how much the decision to ban food imports will cost. While some see it as a possibility for local producers to grow, others say Russian businesses aren't ready for the demand. Daria Bondarchuk reports from Moscow.

To ensure a smooth transition to a more self-sufficient model, Russia is looking for alternative importers, eyeing suppliers from Africa and Asia, to Argentina, Brazil and Chile as well as its closer neighbors.

The European Commission has called for an emergency expert meeting next week to discuss the impact of the Russian ban on E.U. food imports. Yet Moscow is hopeful that soon common sense in the tit-for-tat war of sanctions will prevail and that economic ties will not be permanently damaged.

Western sanctions on Russia may already be starting to bite. A low cost Russian airline connected with Crimea is grounded and Russian tour companies have also been hit.
Tom Barton explains how Russia’s already weak economy may be contributing to the downturn.
Follow Tom Barton on Twitter @TomBartonJourno

Western sanctions on Russia start to bite

Western sanctions on Russia may already be starting to bite. A low cost Russian airline connected with Crimea is grounded and Russian tour companies have also been hit. Tom Barton explains how Russia's already weak economy may be contributing to the downturn.

Russian companies are also looking for other ways to lessen the impact of the sanctions. One way they’re doing that is shifting their cash holdings to Hong Kong dollar holdings. Cathy Yang spoke with ANZ’s Senior Economist for Greater China Raymond Yeung about the strategy.

Russian companies try to lessen impact of Western sanctions

Russian companies are also looking for other ways to lessen the impact of the sanctions. One way they're doing that is shifting their cash holdings to Hong Kong dollar holdings. Cathy Yang spoke with ANZ's Senior Economist for Greater China Raymond Yeung about the strategy.