Bulgarian agriculture minister estimates €153mn in losses from Russian embargo

By bne IntelliNews February 29, 2016

Losses to the Bulgarian agriculture sector from the Russian food embargo totalled some BGN300mn (€153mn) over the period August 2014 - January 2016, according to agriculture and food minister Desislava Taneva, Novinar daily reported on February 28.

Russia introduced the embargo in response to sectoral economic sanctions introduced by the US, the EU and other countries in 2014 following the onset of the crisis in Ukraine. In December, the EU extended its sanctions to July 31, 2016.

Taneva added that the direct losses are worth BGN20mn over a year. The bulk of the estimated amount is accounted for by declines in the prices of goods subject to the embargo. The minister stated that Bulgaria supports restoring its traditional trade relations, but is also dependent on the decisions of the EU.

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