http://i2.cdn.turner.com/money/dam/assets/140818131417-russia-food-imports-620xa.jpg

The Russian government announced in August 7th that Russia will have a comprehensive embargo on imported fruit, vegetables, meat, fish, milk and dairy products from the European Union, Australia, Canada, Norway, and American . As a response to America and EU implementing several rounds of sanctions in the last several months.

Since the Crimea incident happened in March, the United States, Europe and some other countries have conducted several rounds of sanctions on Russia, which including restrictions on Russian financial, military and energy industry export. Also these countries formally suspended Russian banks  financing in Us and European capital market.

Then, in August 5th, President Putin ordered the government to formulate a comprehensive response to Western sanctions and signed the decree. That decree required Russia banned imports of beef, pork, poultry, fish, fruit, vegetables, cheese, milk and dairy products from Australia, Canada, Norway for one year. However,Children’s food import from those countries will not be restricted.

In my opinion,massive economic sanctions and anti sanctions, is a double-edged sword to a great extent. The Russian economy met one disaster after another, at the same time, the Western countries also faced loss. However, other countries such as Brazil, Argentina may find some opportunities to increase output to those countries.

Reference:

“Food imports ban backfires on Russia’s economy”:  http://www.dw.de/food-imports-ban-backfires-on-russias-economy/a-17888880

“Russia’s Food Import Ban is Already Backfiring Horribly”:  http://kitchenette.jezebel.com/russias-food-import-ban-is-already-backfiring-horribly-1628844734