Russia will continue its sanctions against Western countries at least until the end of 2017.
As reported on Spanish newspaper elmundo.es, this means that the majority of Spanish food products will remain off Russian shelves for another year.
Dmitry Medvedev, Prime Minister of Russia, announced that he has ordered the government to work on proposals for the extension of the measures against the West until the end of 2017.
Due to these sanctions, the EU's GDP dropped by 0.3 per cent last year. Exporter countries such as Spain have been the most affected by the sanctions. Spain alone lost an estimated €388 million in 2014 due to the veto.
Some EU countries, including Greece, have shown interest in reviewing the EU's sanctions against Russia, however, the G7 group plans to extend its sanctions to the Kremlin.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Gabriela Guédez. To subscribe to ESM: The European Supermarket Magazine, click here.
