Russia has imposed food import restrictions on countries which have displeased it by placing economic sanctions on the Kremlin over the turmoil in Ukraine.
Australia was one of the nations named along with the US, European Union, Canada and Norway.
In terms of the overall Australian economy these sanctions won’t have a material impact but of course on some sectors and some businesses the impact could be acute.
Here is a great chart from the DFAT website of Australian exports to Russia which shows the break up and sectors impacted.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.