ZHUKOVSKY (Moscow Region) (Sputnik), Alexander Mosesov – The Canadian meat industry lost some $500 million as Moscow introduced a food embargo on products from Canada and other countries in response to the anti-Russia sanctions, the regional director of Canada Eurasia Business Association (CERBA) told Sputnik on Wednesday.
“One of the biggest exports of Canada to Russia was actually meat products. The embargo cuts that almost to zero. We lost about $0,5 billion off the chart," Sebastien Dakin said.
He added that he expected trade turnover between Russia and Canada to “fall significantly” because of anti-Russia sanctions and the food embargo.
"If there was a real political will to solve the current crisis, this would be the one thing that would improve trade," Sebastien Dakin stressed.
Canada introduced what it calls "Special Economic Measures" against Russia in March 2014, following a Crimean referendum in which a majority of voters backed seceding from Ukraine and reuniting with Russia.
As of late June 2015, Canada’s anti-Russia sanctions include 91 individuals and 57 companies. The Russian Embassy in the Canadian capital of Ottawa called the restrictions "counterproductive" and "confrontational."
Trade turnover between the two countries was estimated at $2.3 billion in 2013.