Russian Sanctions Seen Giving EU $9 Billion Hit in ING Estimate

Russia’s ban on imports of western food could cost the European Union an annual 6.7 billion euros ($9 billion) in lost production, according to ING Groep NV.

“The potential effects of the Russian embargo on imports of Western food go far beyond the effects,” of fruit and perishable vegetables, economists including Raoul Leering at Amsterdam-based ING said in a research note. Their calculations, which include the “value added” created by international trade, put the number of jobs at stake at 130,000.