Russia Bans Food Imports From U.S., EU, Others

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Aug. 7 (Bloomberg) -- Bloomberg’s Ryan Chilcote breaks down a Russian ban on food imports from the United States, European Union, Canada, Australia and Norway as President Vladimir Putin retaliates against sanctions levied on the nation. He speaks on “The Pulse.”

Welcome back.

Breaking news out of russia, if you are a fan of the stilton, you have a problem.

Would just got the official -- we just got the official list of banned foodstuffs.

The russian prime minister releasing this list after he was instructed to come up with a list yesterday by the russian president.

All beef, all fish, all dairy, including she'scheese in addition to what we were anticipating, fruit and vegetables from the eu and the u.s. that is further reaching than i thought we were anticipating.

It extends to countries like australia.

Let's see if we get any more fine print, there has to be fine print.

Some of this stuff better foreign products available in russian supermarkets are made in russia.

But a lot isn't. russians are steak consumers.

They are sitting pretty in this because they are doing it in the right country.

There will be a substitution program put in place.

It is hard to completely cover theis ban.

Obviously, french wine cannot be made in russia.

It is not on the list.

Inflation is already a problem in russia and food price inflation is a big part of that.

The distinct possibility that this will only further hasten the food price inflation story.

If you have less competition, less supply of food, that suggests higher food prices.

What would balance that, however, if our shot -- russia did have a better-than-expected harvest, that can reduce the inflationary pressure.

The russian president is very mindful of the issue of deflation.

Of all of the economic parameters he watches, i bet inflation is pretty high up there.

His basis of support is often for russian pensioners.

They are in fixed pensions from the russian state.

He has an 86% support rating in the polls, but nonetheless, no need to erode that.

You start -- they index tensions to inflation.

The government has to spend more money.

The other headline, russia will review the trans-iberian air routes.

The russian president is to speaking on the record talking about the idea of limiting or banning overflight rights.

Fly over russia to go from western europe to asia.

Russia, being the world's largest countries, 10 or 11 time zones wide, that is a long ways to have to go around.

More fuel costs for the airlines.

That is why we so all the western airlines slump rapidly.

This is more of a suggestion.

That may be on the cards.

It is interesting, they are going after the food band today.

Not fully recouping losses made as a result of the concerns.

Inflation is a problem with the russians introduce food imports.

This is not good if they start introducing bans on overflight rights.

This text has been automatically generated. It may not be 100% accurate.


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