February 1, 2022

Russia's food embargo sanctions extended
 

Russia's counter-sanctions under its food embargo have been extended to "protect national interests."

The embargo has been in effect since August 2014 against several countries that have imposed sanctions on Russia following its annexation of Crimea. The ban affected fish, meat, vegetables, fruits and other foodstuffs. The list of countries and products has been repeatedly updated. Counter-sanctions were first introduced for a year, but they were then extended every year.

Experts have repeatedly acknowledged that the food embargo benefited Russia. In 2013, Russia imported food worth $43.3 billion.

Seven years later, the figure has fallen to less than $30 billion, and in 2021, food imports continued to decline. The food embargo not only reduced food imports, but also spurred the development of the domestic agro-industrial complex.

At the end of 2021, for the first time in history, the volume of food exports in Russia overtook imports, exceeding $30 billion.

By mid-December, the country has already delivered food worth more than $34 billion abroad. The export of oil and fat, meat and dairy products, food and processing industry products has increased significantly.

In the first six months after the introduction of the embargo, prices for products similar to the sanctions rose by almost 30%.

But then, little by little, the situation leveled off, and a rapid increase in production began in many industries. As a result, for example, meat imports decreased by about 90%.

However, there is still a shortage of domestic products for some items in the dairy industry.

- Russian Gazette