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Current Position:Home » News » General News » Topic

Price of Russian sanctions for EU exporters

Zoom in font  Zoom out font Published: 2017-01-10  Views: 9
Core Tip: Back in 2014, during the crisis in Ukraine, Brussels announced it would join the United States in sanctions against Russia.
Back in 2014, during the crisis in Ukraine, Brussels announced it would join the United States in sanctions against Russia. Russia responded immediately by banning some European foods. The Netherlands, a country that has been exporting vegetables to Russia for decades, was one of the hardest hit.

According to the Dutch Center for Statistics, as a result of Moscow’s embargo, Dutch companies experienced the biggest decline in vegetable exports – by more than half.

While compensation was offered to help those affected, Godfried Smit, the senior project manager at EVO, told Sputnik that the EU’s compensation measures only covered part of the damage.

"There was only a small fund available, only in Brussels, to compensate more or less for the reduction of exports into Russia, but it didn’t cover the whole damage - I think it was 10%, or something like that" he said.

If the door of opportunity reopens, the Dutch are ready to resume exporting their goods to Russia, Sputnik said. However, according to Godfried Smit, it will not be the same market as before:

"The Russian economy also suffered and it will be difficult for a lot of Russians instantly to afford the products which are nowadays abolished from the Russian market, and then some will probably stay with the imitations, because they are cheaper."
 
 
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