Earlier Thursday, Russia announced a ban on food imports coming from the European Union, the U.S., Canada, Australia, and Norway.
This follows sanctions imposed by the EU and U.S. on Russia.
“There is nothing good in sanctions and it wasn’t an easy decision to take, but we had to do it,” Prime Minister Dmitry Medvedev said.
Indeed, this could put pressure on food supplies in Russia, causing inflation, which ultimately puts the squeeze on Russian consumers.
Bloomberg economist Maxime Sbaihi tweeted this chart of the world’s big food importers. According to the WTO data cited, Russia was the fifth-biggest food importer in the world, bringing in $US39 billion worth, or 3% of world food imports in 2012.
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