Will Russia’s Food Import Ban Back Fire?

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Aug. 8 (Bloomberg) -- Bloomberg’s Michael McKee reports on Russia sanctions ban food imports from the United States, European Union, Australia, Canada, and Norway with Betty Liu on “In The Loop.” (Source: Bloomberg)

No surprise rush is retaliating against u.s. and european sanctions with their own.

What is surprising is the target it has chosen.

Mike mckee wonders if russian leaders are doing the chicken dance.

What do you mean by that?

There is a report out of russia putin may be willing to back off and it may be because of sanctions he has chosen.

Analysts to just -- suggest they will backfire.

They have been a surprise.

The russians put out a sanctions list that banned a wide range of imports from agricultural products from the u.s., european union, australia, canada, and the way.

They list poultry, vegetables, milk.

What has analysts scratching their heads is that we'll have more of an impact on russia.

Russia imports about 25 percent of its food.

About $30 billion worth comes from sanctioned countries.

When you consider how money countries we are talking about, the impact on those countries is not that much.

About $1 billion from the u.s., 10% of our overall exports to russia.

Chicken parts, largely wings and legs topping the list.

Only $310 million worth in 2013, less than 1% of our total chicken production.

The rise in beef and pork isis has pushed up chicken prices -- pork prices has pushed up chicken prices.

Soybeans and cattle, we are selling almost no cattle to russia now.

No major impact on the united states.

The chickens were good background music for you.

Who does get hurt in all of this?

You don't want to be a farmer in lithuania.

Those account for about 2.5% of that country's gdp.

Not a big deal for the e.u. leader, about $16 billion total in all.

Who really gets hurt is russian consumers.

Many products they normally buy will be in short supply.

If they buy them from other

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

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