French Farmers Risk Losses From Russian Food Embargo

French farmers are likely to suffer significant losses due to counter-measures introduced by Russia in response to sanctions by Western countries, Trade Representative of Russia in France Alexander Turov said Thursday.

MOSCOW (Sputnik) — Russian President Vladimir Putin signed an order on Wednesday to prolong Moscow's embargo on Western food imports, in place since August 2014, for an additional year. The move came two days after the European Union extended sanctions imposed on Russia over the Ukraine crisis.

"[French farmers’] losses would make up more then a hundred million euros, this would be a significant figure, and the compensations which the European Union pays, will not cover all the losses of farmers," Turov told RIA Novosti.

This "long-term loss" will be a hardship for French farmers, the official said, recalling that agricultural products are usually exported under long-term contracts in large amounts.

According to Turov, those seeking to invest in Russian agriculture will benefit significantly, especially those who will be dealing with agricultural processing and the production of foodstuffs.

After Crimea reunified with Russia and the Ukrainian crisis escalated in 2014, the relations between Moscow and the West deteriorated. The United States, the European Union and their allies accused Moscow of fueling the military conflict in eastern Ukraine and, as a punitive measure, imposed several rounds of sanctions against Russia.

Deputy PM @advorkovich at @SPIEF: Should #EU will keep sanctions, #Russia will keep embargo on food products pic.twitter.com/JyxXs5j0Fr

— Alexander Yakovenko (@Amb_Yakovenko) June 18, 2015

Moscow has repeatedly denied the allegations, and in August announced a one-year food embargo for certain food products originating in the states that sanctioned Moscow.