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Canadian Food Exporters to Lose More than $600 Million Due to Russian Counter Sanctions

Posted August 28, 2014

Under Economic Issues, International Trade Issues

(ITAR-TASS)

Canadian food exporters to Russia will lose this year more than $600 million due to the restrictions on the imports of agrarian produce, introduced by the Russian government, agriculture adviser at the Russian embassy in Ottawa Sergei Strokov said on Wednesday.

“Based on the available information, in the meat exports alone the losses will amount to $600 million, and if we take into account seafood, this figure will be higher,” he told ITAR-TASS. On August 7, in response to sanctions the West imposed on Russia over its stance on the developments in Ukraine, Moscow fully banned the imports of beef, pork, fruit and vegetables, poultry meat, fish, cheeses, milk and dairy products from the European Union countries, from Australia, Canada, Norway and the United States. Read more here.