Russian sanctions back-fire
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In a tit for tat sanctions war Russia banned EU dairy produce.
France's agriculture minister has estimated that about 22,000 farms – 10% of the total – face bankruptcy and owe about €1bn (£730m) in total. The Russian import ban has shut down the EU's main agricultural export market, worth some €5.5bn annually.
"The countryside has had to shoulder the burden of the Russian ban," said Albert Jan Maat, president of European farmers association Copa. "Farmers are paying the price for international politics."
http://www.bbc.com/news/business-34171946
I think it may well go deeper since on the opposite side of the world, New Zealand too has a collapse of dairy prices.
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