West suffers losses due to Russian food embargo

Moscow, Aug 2 (IANS) The US, the European Union and other Western countries suffer a loss of around $8.6 billion every year due to introduction of a food embargo by Russia, the Economic Development Ministry said on Tuesday.

President Vladimir Putin had signed a decree on August 6, 2014, banning agricultural and food product imports for one year from the countries that imposed sanctions against Russia, including Canada, Norway and Australia, the US and the EU, the Sputnik news reported.

The analysis on the eve of the extended food embargo anniversary indicated an annual decline of 96.5 per cent or $8.6 billion in Russia's imports.

It said the Western product imports declined by 98.9 per cent.