Russia Seen as Main Loser From Food Import Ban With EU

Russian consumers stand to lose the most from the country’s ban on agriculture imports from the European Union and U.S. as domestic food prices increase.

Russia’s ban will tend to depress world prices of items such as livestock and fruit while increasing food inflation within the country, Concepcion Calpe, a senior economist at the United Nations’ Food & Agriculture Organization in Rome, said by phone today. Russia accounted for almost 10 percent of EU agricultural exports last year, according to data from the bloc. The Netherlands, Germany, Poland and U.S. are among Russia’s top food suppliers, U.S. Department of Agriculture data show.