news letterOur mobile application

Weekly newsletter

Russian Embargo Costs EUR 223.000 a Day

admin 2014.08.18.

The government seeks to minimize the losses of Hungarian farmers affected by the Russian embargo, and contacted Brussels to raise roof on the EUR 400 million compensation fund, said István Nagy, farm ministry state secretary at an agricultural expo in Hajdúböszörmény. The state secretary also spoke about the Russian embargo, which according to estimates, costs EUR 223.000 a day.

István Nagy emphasized: the embargo costs EUR 223.000 every day to the Hungarian economy, and the EUR 400 million fund will probably not be sufficient. He also asked Hungarian consumers to favor Hungarian products: “Hungarian products are fresh, quality products with high nutrient contents, consuming them supports local farmers”. The secretary of state listed those products that are not affected by the embargo: livestock, cereal and oilseeds, canned meat, fruit and vegetables, fat, mineral waters, spices and forage.

Last week Minister of Foreign Affairs and Trade Tibor Navracsics tweeted that sanctions could cost up to EUR 80 million (246 billion HUF) to Hungarian agricultural export. The Russian embargo includes beef, pork, fruit, vegetables, chicken, fish, cheese, dairy products, originating from the EU, USA, Australia, Canada or Norway, but Hungarian experts claim the sanctions will not be a decisive blow on the country’s agricultural sector. The ban should be in effect for a year as fights continue in Eastern Ukraine.

via MTI, photo public domain