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Italian farmers sustain at least €1.2 bln losses because of Russia’s food embargo

August 04, 2015, 20:59 UTC+3 MOSCOW

This is the value of the declined ‘made in Italy’ export to Russia, secretary of the Italian confederation of agricultural producers says

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MOSCOW, August 4. /TASS/. Losses of Italian farmers due to the food embargo imposed by Russia amounted to at least €1.2 bln, secretary of the Italian confederation of agricultural producers said on Tuesday.

"We may say €1.2 bln are the case in point; this is the value of the declined ‘made in Italy’ export to Russia," Scanavino said. This figure is net of losses of ‘related suppliers,’ he added.

Italian producers are looking forward to restoring relations with Russia. To this end it is required that Europe takes a consolidated decision of canceling or softening sanctions against Russia, Scanavino said.

"The desire to new these relations is enormous," Scanavino added.

On June 24 Russia’s President Vladimir Putin has signed a decree to extend Russia’s counter sanctions for one year from August 6, 2015.

"To extend the effect of specific economic measures, foreseen by clause 1 of the Presidential decree dated August 6, 2014, No/ 560 "Executive Order on special economic measures to protect Russia’s security" for one year starting from August 6, 2015", according to the statement on the Kremlin website.

On August 1, 2014, the EU imposed sanctions against the Russian Federation in connection with the events in Ukraine and the reunification of Crimea with Russia and later repeatedly extended them. The latest decision to extend them was made on June 22 of this year.

Russia imposed a package of countermeasures on August 7, 2014, in response to the sanctions introduced by the United States, Australia, Canada, the European Union and Norway over Moscow’s stance on developments in neighboring Ukraine.

Russia’s countermeasures involved a one-year ban on the import of vegetables and fruit, dairy and meat products from these countries.

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