Russia Announces Ban on US Poultry and Other US Agricultural ExportsWed, 06 Aug 2014 16:48:56 CDT
Russia is beginning to retaliate against the US and EU by imposing bans on food imports. Russian President Vladimir Putin signed a decree on Wednesday banning or limiting imports from countries that have imposed sanctions on Russia because of its support of rebels in Ukraine.
A spokesperson for Russia's Veterinary and Phytosanitary Surveillance Service (VPSS) told Reuters that Russia will ban U.S. poultry imports.
Putin has ordered his government come up with a list of products to be banned by Russia. It's too early to determine what will be included on the list, but government officials have stated the ban will be substantial. In 2013 Russia imported $43 billion dollars worth of food.
Dmitry Polevoy, ING chief economist in Russia & CIS said in a note these sanctions will boost Russian agricultural food production and expand cooperation from sanction-resilent countries. He said these sanctions will hit the countries that supply food to Russia, but the larger effect will be on Russian households through higher food inflation.
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