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Central Bank: Trade restrictions on Turkey had no negative impact on prices in Russia

The Russian government banned supplies of a number of food products from Turkey to Russia from January 1, 2016

© Alexandr Ryumin/TASS

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Turkey’s losses from Russia’s restrictions may exceed $11 bln in 2016 — ambassador

MOSCOW, February 12. /TASS/. Foreign trade restrictions on Turkey, which came into force on January 1, 2016, did not have a negative impact on prices, the Russian Central Bank said Friday.

Thus, according to the estimations of the Central Bank, the price of tomatoes and oranges, imported from Turkey, which had previously held a significant share of the market, decreased (excluding seasonal factors). "The rate of growth of prices for food products in general (excluding seasonal factors) in January 2016 decreased compared to December," the regulator said.

The Russian government banned supplies of a number of food products from Turkey to Russia from January 1, 2016. Thus, import of fruits (oranges, tangerines, grapes, apples, pears, apricots, peaches and nectarines, plums, wild strawberries and strawberries) and vegetables (tomatoes, cucumbers, cauliflower, broccoli, yellow onions). Also, supplies of frozen turkey, chicken, fresh Turkish pinks and salt has been banned.

According to the Russian Agriculture Ministry, in 2014 the import of food and agricultural products from Turkey to Russia amounted to $1.7 bln, the same level as in 2014. In the total volume of Russian food imports to Turkey stood at 4%. During 10 months of 2015, Turkey imported food to Russia for $1 bln, which is 20% lower than a year earlier.

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