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EU spends 344 million euro to support farmers in wake of Russian embargo

November 07, 2014, 23:44 UTC+3 BRUSSELS
Russia introduced the embargo in early August after the enactment of expansive anti-Russian sanctions by the West earlier this year
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© EPA/OLIVIER HOSLET

BRUSSELS, November 7. /TASS/. EU authorities have expended more than 344 million euro from the pan-European reserves by way of financial support for the farming sector in the wake of the impact exerted on it by the Russian embargo on foodstuff imports from Europe.

TASS received the information at the press service of the EU Council.

Russia introduced the embargo in early August after the enactment of expansive anti-Russian sanctions by the West earlier this year.

“To finance the emergency measures of support for the market in response to Russia’s ban, the EU spent 344.3 million of the 433 million set aside as an anti-crisis reserve fund for agriculture,” the press service said.

The situation the European farmers have found themselves in connection with the Russian embargo will be reviewed November at a meeting of EU agriculture ministers in Brussels.

The embargo that Russia announced on August 7 in response to the West’s restrictive measures embraced the U.S., Australia, Canada, and Norway aside from the EU. The Russian government banned, among other things, the imports of all types of meat from these countries for a period of twelve months.

However, the sanctions left out some types of canned meat and byproducts.

On August 20, the government amended the list by dropping a number of vegetable and animal proteins, sports meals, and vitamins from it.

The European Commission says the Russian embargo has wielded impact on 4.2% of all exports from the EU to the tune of 5 billion euro.

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