The cost of economic sanctions and other trade restrictions imposed by other countries cost Russia $6.3 billion by late 2018, estimates of the Economic Development Ministry presented on Tuesday reveal, according toGazeta.ru. These restrictions include anti-dumping duties, licensing, quotas, technical barriers, sanitary and phytosanitary measures and also economic sanctions. Measures imposed by the European Union hurt Russia’s economy the most, the data reveals. The total damage is estimated at $2.4 billion. U.S. sanctions cost Russia nearly $1.17 billion, while losses from Ukraine’s restrictions amounted to $775 million, the ministry said in. Read more...
After Lithuania a week ago, we flew to Russia, writes Jim Long President – CEO Genesus Inc. Our Observations: Currently due to economic sanctions, European Union and North American countries cannot ship pork or live market hogs to Russia but Brazil is able to. The economic sanctions, by limiting pork imports has supported prices for pigs in Russia. Profits per hog are between $75 - $100 US dollars per head. It’s a good time for the pig producers! In our travels in Russia, the sentiment would be that economic sanctions on importing of market hogs and pork would last a minimum of one year to up to 4 years. Certainly, anyone would be foolish. Read more...
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