EU Farmers to Lose $16 Billion Dues to Russias Embargo The EU commissioners are seeking ways of reducing the harmful impact that Russias food import ban is causing the European economy, although it is early to speak of exact numbers of losses, experts say. We still feel its a little bit soon to discuss the cost implications. We are looking at every product individually, said Roger Waite, a spokesman for the EU’s executive Commission, earlier this week as cited by the International Business Times. According to the Associated Press, the EU agricultural export to Russia reached $15.8 billion in 2013. Thus, the estimated loss for the European economy could be about $16 billion, experts claim. Moreover, Russian sanctions may draw Europe into a market crisis, the French National Federation of Unions of Agricultural Operators warns.
Posted on: Thu, 14 Aug 2014 19:21:39 +0000
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