In the wake of recent food bans announced by the Kremlin against European, American, Australian and Canadian made products, Russian experts are estimating the cost of that move.
Some see it as a possibility of growth for local producers, others say Russian businesses are not quite ready for the demand which is expected to skyrocket in coming weeks and months. CCTV’s Daria Bondarchuk reports from Moscow.
Experts are trying to estimate the cost of Russia food bansIn the wake of recent food bans announced by the Kremlin against European, American, Australian and Canadian made products, Russian experts are estimating the cost of that move.
In retaliation for Western sanctions imposed on Russia over its actions in Ukraine, Moscow is now banning most food imported from the European Union and the U.S. However, it may hit European producers in the near future.
The Russian market accounts for roughly 10 percent of EU agricultural exports each year, with a total value of some 14 billion U.S. dollars. And that, Russian experts say, opens great possibility for local producers.
Other experts are a bit more cautious, saying the Russian agricultural sector is still underdeveloped and may need months to get up to speed to increase production to meet new demand.
Russian citizens seem to be generally supportive of the measures.
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 EU food imports.