The sanctions regime imposed by the EU on Russia has resulted in over €10 billion in losses for Italy’s export industry, according to farmers' lobby group Coldiretti.
The announcement follows the decision of the EU’s Foreign Council to renew for another year the sanctions, which were put in place following 'the illegal annexation of Crimea and Sevastopol'.
Closed Borders
The decree, dated 7 August 2014, completely closed Russia’s borders to a list of products, fruits and vegetables, cheeses, meat and salami, as well as fish, coming from the EU, USA, Canada, Norway and Australia with subsequent extensions.
In addition, the ban on access to these products has added to the trade tensions that have hampered exports of all foodstuffs, says Coldiretti,
Indirect Losses
To the direct losses due to the lack of Italian exports to Russia are added indirect ones, due to the image and market damage caused by imitation products being made available on the Russian market that have nothing to do with Italy.
Coldiretti also highlights the impact on Italian catering establishments in Russia which, after a rapid explosion, are likely to be curbed by the lack of major ingredients. In some cases the dishes have disappeared from the menus while in others they have been replaced by local or foreign copies.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
