Click for the Russian government’s official decree banning food imports from the US, EU, Canada, Australia and the Kingdom of Norway…
And thus, the west will be punished for cutting the commanding heights of Russia’s economy (and its state-owned banks) out of its financial system… by not being able to sell Russians parmesan and brie.
Bad day to be a retailer then, particularly Russia’s largest — Magnit was down 3.5 per cent in Moscow at pixel time — or to be an ordinary Russian for that matter.
As the FT said on Wednesday when flagging these sanctions:
If implemented, the broad bans could hurt European and American agricultural and food exporters hard, but also have the potential to drive up already high inflation in Russia and even trigger shortages of some goods.According to IHS, Russia is the largest export market for fruit and vegetables from the EU, at €2bn a year, and the second-largest export market for American poultry.
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