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Denmark acknowledges $680 million loss from Russia’s food embargo

October 21, 2014, 18:17 UTC+3 COPENHAGEN
Danish Foreign Minister Martin Lidegor admitted that many farmers were affected by Russia’s food embargo
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© ITAR-TASS/Alexandra Mudratz

COPENHAGEN, October 21. /TASS/. Danish pig farmers will lose $680 million this year from Russia’s food embargo or twice as much as was earlier expected, Denmark’s Agriculture and Food Council said on Tuesday.

Danish Foreign Minister Martin Lidegor admitted that many farmers were affected by Russia’s food embargo. “This is also bad for the Danish economy. This is bad for people who may lose their jobs both in Russia and certainly in Denmark. Such is the situation, which we want to overcome as soon as possible,” he said.

A total of 9.5 million European famers have been affected by Russia’s food embargo, according to a statement released earlier by the EU. The European Commission said in September that Europe’s agrarian exports cut by Russia’s food embargo were estimated at €5 billion.

Russia introduced a package of counter-measures on August 7 in retaliation to the sanctions imposed by the United States, Australia, Canada, the European Union and Norway against Moscow over its stance on developments in neighboring Ukraine. Russia’s counter-sanctions involve a one-year ban on food and agricultural imports from the countries that slapped sanctions against Moscow.

The European Commission has stated several times since August it will allocate funds to support European agricultural producers  affected by Russia’s food embargo.

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