Home  Journals  Financial Analytics: Science and Experience  40(274) - 2015 October

The Russian food import ban: which party suffers more?

Vol. 8, Iss. 40, OCTOBER 2015

Article PDF Version

Received: 1 September 2015

Accepted: 16 September 2015

Available online: 4 November 2015

Subject Heading: Economic policy

JEL Classification: 

Pages: 37-45

Importance In June 2015, the Government of the Russian Federation prolonged the food import ban imposed in August 2014 responding to economic sanctions of the western countries against the Russian businesses and individuals. The Russian food import ban significantly affected the EU countries where farmers had substantial losses as they had no distribution market for their agricultural products. For Russia, this measure serves as a certain impetus to the development of domestic agriculture.
     Objectives The research aims at analyzing the consequences of the Russian food import ban.
     Methods The research involves such general scientific methods and techniques as scientific abstraction, induction, deduction, comparative and matching analyses, expert assessment method.
     Results We analyzed the structure of imported food in Russia per certain European countries. We reviewed positive and negative aspects of the ban to import food from some foreign countries.
     Conclusions and Relevance We conclude that the food import ban will help Russia develop and modernize the domestic agricultural sector, ensure import substitution in the food market, thereby ultimately increasing the food sovereignty and food security of the nation.

Keywords: food import ban, sanctions, food security, import substitution, agricultural sector

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