BRUSSELS (Sputnik) – The European Union assisted its agricultural sector in the amount of 155 million euros ($170 million at the current exchange rate) to cope with Russia’s food import restrictions in 2014, a European Commission spokesperson said Friday.
"In one year, 770,000 tons of products were withdrawn from the market with financial assistance from Europe of 155 million euros, mainly for distribution to charities," the unnamed spokesperson told RIA Novosti.
On Thursday, the European Commission confirmed it would extend government support measures implemented last year in response to Russia’s food embargo for countries that had imposed anti-Russia sanctions.
The EU’s safety net in the dairy sector extends into February 29, 2016, involving public procurement and private storage assistance for butter and skimmed milk powder. The measures were due to expire on September 30, 2015.
Moscow issued its own one-year extension of the food embargo from the European Union, the United States, Canada and Norway last month. The list of products, first prohibited from being imported to Russia in August 2014, includes meat, poultry, fish, seafood, dairy products, fruit and vegetables.
A recent Austrian Institute of Economic Research study assessed losses sustained by the European Union up to $114 billion if the anti-Russia sanctions regime continues.
