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.

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgarian government gives up plan to join CEZ asset sale deal

Bulgaria’s government does not intend to participate in the deal to sell assets of Czech energy company CEZ, Finance Minister ... more

Bulgarian opposition demands resignations after travellers stroll through abandoned passport control at Sofia airport

Bulgaria’s main opposition Socialist Party (BSP) is demanding the dismissal of Interior Minister ... more

Bulgaria creates “golden hole” for corruption as it scraps procurement rules for Turkish border fence repairs

Bulgaria's parliament approved on March 22 highly controversial amendments to the Public Procurement Act that will allow contracts to repair the fence along its border with Turkey to be ... more

Most Read

  1. Europe pushes back against US sanctions on Russia
    1 day ago
  2. Romanian developers get in the game
    6 days ago
  3. Putin and Trump trying to walk back Syria strike and sanctions tensions
    6 days ago
  4. What’s the cost of US sanctions on Russia?
    7 days ago
  5. Is Armenia facing a colour revolution? Popular protests on the rise in Emerging Europe
    1 day ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    27 days ago
  2. Europe pushes back against US sanctions on Russia
    1 day ago
  3. Romanian developers get in the game
    6 days ago
  4. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    14 days ago
  5. Putin and Trump trying to walk back Syria strike and sanctions tensions
    6 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss