October 27, 2014
Third-quarter sales of Russian farming conglomerate Rusagro group climbed 65% to about 17 billion roubles (US$405 million) following a ban on pork imports from Europe, Reuters reports.
Russia suspended pork imports from Europe on health concerns in January, fuelling domestic prices before imposing a broader ban on Western food imports in August for one year in response to sanctions over Russia's role in the Ukraine conflict.
Rusagro said revenue for its pork division jumped 161% in the third quarter, year-on-year, to reach 5.5 billion roubles, and was up 159% in January to September.
The company, listed in London as Ros Agro and controlled by senator Vadim Moshkovich's family, previously said it planned to boost pork output to replace imports from the European Union. According to the National Union of Pig Breeders, the company operates the fifth largest pig breeding complex in Russia by production volumes.
(US$1 = 41.9510 Russian rouble)