Russia’s import ban isn’t all bad news for EU food sector

Russia may yet be worse affected by banning food imports from the EU, US, and others than the target countries.

Russia is a major importer and switching suppliers will cost it extra money, which will be reflected in higher prices for Russian consumers and unwanted inflation.

Food and farming sectors in exporters like the EU and US will suffer, but can be protected by the $79.6bn Food Bill in the US, and the €59bn CAP in the EU, while the EU and US seek out new export markets. If Russian turns to Latin America, Africa, and Asia for supplies, some other part of the world will go short of food imports, leaving a gap in the market for the displaced produce.