Russian Embargo Causes Damages of €50 Million



Greek-peach-farmers1Market experts estimate that the damages the Russian food embargo will cause to the Greek economy will be at least 50 million euros. Fruit growers, fish farmers and transport companies are the first victims of the ban imposed by Russian President Vladimir Putin.

It is estimated that the total damage will range between 50 and 100 million euros. Apart from fruit growers who are suffering great losses, fish farms have also reported damages, as before the crisis in Ukraine, Greek fish amounted to 10% of total Russian consumption. The transport companies have also been affected. Before the embargo, about 220 trucks were carrying out daily routes from Greece to Russia.

The Greek Foreign Ministry has announced that the producers hit by the food embargo will be compensated. The Ministry has also taken measures to redirect the products to other export destinations. What remains will go back to Greece, churches, charity organizations, hotels and other establishments.

The ban of food imports from the US, EU, Norway, Canada and Australia came in as a response to the sanctions against Russia for the annexation of Crimea and Russia’s support to the separatists in Eastern Ukraine.


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