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Material losses of Italy caused by Russian embargo overpassed 1 billion Euro.

Material losses of Italy caused by Russian embargo overpassed 1 billion Euro.

20/08/2019

According to the Italian Association of Agricultural Producers Coldiretti, only the direct losses during the five years period of embargo are mentioned.    

Both the Russian product embargo & Western economic sanctions are in progress at the moment. According to the Ministry of Agriculture of Russia, Russian food import volume decreased in the last five years by 31,2% from 43,3 billion USD in 2013 to 29,8 billion USD in 2018.

As the representative of Coldiretti announced in TASS report in August 16, 2019: “The agricultural & food exporting products, marked “Made in Italy”, lost more than 1 billion EURO in the past five years because of the cessation of supplies to Russia. Russia introduced the import ban concerning a series of food products, such as fruit & vegetables, cheeses, meat & sausages, fish from EU, USA, Canada, Norway & Australia.”  

Supplies of such Italian products, as Parmesan & Grano Podano cheese, Parma ham, fruit & vegetables were zeroed out. According to Ettore Prandini, the president of Coldiretti, “the unbearable waste for Italy & EU” is a case in point. The relations between EU & USA also perturbed at the moment. The USA intention to introduce new import surcharges, concerning wine & food from EU countries inc. Italy, due to the aircraft industry dispute also gives rise to concern. The head of Association invokes European Commission to come to agreement with Russia.

According to the Association representative, after the food embargo had been introduced, local substitutes & me-too products from the countries, excluded from embargo list, such as Switzerland, Belarus, Argentina & Brazil, placed the Italian products in the Russian market. In view of this, indirect costs in public image of Italian producers should be added to the direct loss from the food embargo. The import ban also took a heavy toll on the image of Italian restaurants in Russia.   

Source:
06/08/2019 https://tass.ru/ekonomika/6738910