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Finland’s Dairy Industry May Lose Over $500 Mln on Russian Import Restrictions - Reports

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Russia’s move to ban agricultural imports from countries that have imposed sanctions against Moscow could cost the Finnish dairy industry 400 million euros ($534.1million), the local Yle radio station has reported.

MOSCOW, August 6 (RIA Novosti) – Russia’s move to ban agricultural imports from countries that have imposed sanctions against Moscow could cost the Finnish dairy industry 400 million euros ($534.1million), the local Yle radio station has reported.

The report said citing Finnish Food and Drink Industries' Federation (ETL) Director Heikki Juutinen that the measure “sounds like very bad news, especially if Finland is among the countries affected by the sanctions.”

Juutinen said around 25 percent of Finnish food exports reach Russia. "Most of the exports are processed foods; two-thirds are dairy products such as butter, cheese and yogurt," he said.

Russia’s measures are expected to pose a “huge challenge,” particular to sector players such as Valio, for which the Russian market is very important.

Russian President Vladimir Putin signed a decree earlier on Wednesday banning imports of agricultural and food products from countries that imposed sanctions on Russia for one year.

The move comes in response to several rounds of Western sanctions imposed on Moscow over its stance on Ukraine. Moscow has repeatedly called the measures counterproductive and stressed that Russia is not involved in the Ukrainian conflict.

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