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Finnish ministry estimates dairy producers’ losses due to Russia’s embargo at €200 mln

November 10, 2014, 21:26 UTC+3 HELSINKI
It's impossible to compensate for the losses
1 pages in this article
© ITAR-TASS/Artyom Geodakyan

HELSINKI, November 10. /TASS/. Finland’s Agriculture Ministry estimated dairy producers’ losses due to Russia’s embargo at €200 million, the Finnish News Bureau (STT) quoted the ministry as saying on Monday.

There is no possibility to compensate the losses in full, the ministry said.

“Before talking about any sums it is necessary to see where one can take them from. The problem is that there is no funding,” Finnish Member of the European Parliament Petri Sarvamaa said.

The agriculture and fisheries ministers of the 28 EU member-countries will discuss additional measures to support European producers amid Russia’s embargo. However, it is difficult to estimate the amount of EU aid to the dairy product market, Sarvamaa said.

Finland’s largest dairy concern, Valio, is the major dairy product supplier to Russia. The company’s export to Russia exceeded €242 million in 2013 - 85% of Finnish exports hit by Russian food import ban. Finland reduced foodstuffs supplies to Russia by 63% in August 2014 as compared with July 2014.

On August 7, 2014 Russia introduced a package of response measures to sanction of the United States, Australia, Canada, the European Union and Norway. The retaliatory sanctions also ban for one year ban the import of almost all kinds of meat from these countries to Russia. Certain kinds of finished products, by-products and meat scraps were not affected by the restrictions.

On August 20, the Russian government excluded from the list of agricultural products to which retaliatory food sanctions apply, concentrates of vegetable and animal protein, sports nutrition, lactose-free milk, vitamin-mineral complexes.

According to the European Commission, the Russian embargo has affected 4.2% of total exports 28 EU countries to the total worth of 5 billion euro.

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