Russia Imposes Western Food Embargo

Russia is imposing a “full embargo” on food imports from the EU, US and some other Western countries, in response to sanctions over Ukraine.

Prime Minister Dmitry Medvedev said it would include fruit, vegetables, meat, fish, milk and dairy imports.

Australia, Canada and Norway are also affected.

Russia is also banning Ukrainian airlines from transit across its territory, he said in televised comments to the government.

Furthermore, the Russian government is considering banning transit flights for EU and US airlines in retaliation for sanctions over Ukraine, he said.

Barring airlines from Siberian airspace would significantly increase costs and flying time for many jets bound for Asian destinations.

EU food exports to Russia last year were worth 11.8bn euros (£9bn; $15.8bn) while US food exports to Russia were worth 972m euros (£772m; $1.3bn).

Russia was the EU’s second biggest market for food exports (10% of total), after the US (13%).

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza