Swedish-Danish cooperative Arla Foods had slashed 79 jobs in Russia, following the food import ban imposed by the country in response to the sanctions by the West.
Of the 79 jobs, 30 were temporary positions.
Arla Foods senior vice president Lars Dalsgaard was quoted by Local as saying, "Production for the Russian market has been experiencing strong growth over the past years so it can definitely be felt when a market like Russia is suddenly shut completely down."
Before the ban, Arla expected to generate revenues of $215m from the Russia in 2014, reports RIA Novosti. Last week, the company also announced on social media site Twitter that it had stopped producing products for the Russian market.
During the same week, the company stated that it was slashing around 50 to 75 jobs from its processing facilities in Denmark.
Arla, which is based in Aarhus of Denmark, is the third largest dairy producer in Europe generating an annual turnover of about $8.7bn.
