Ban on lending to some Russian state-owned companies is beginning to biteCrates of peaches are turning to mush on the roadside. Not just Greek stone-fruit growers but farmers across Europe, the US and Asia are feeling the pinch after Russia's decision to impose tit-for-tat sanctions. Among the losers are German pig farmers, British fishing fleets and Australian kangaroo-meat exporters.Russian government officials are evidently not diehard aficionados of French brie or roo steaks. The official line is that sanctions will stimulate Russian homegrown produce, but it is a risky bet for a country that imports 40% of its food. The head of one of Russia's largest supermarket groups, X5, this week reported a 20%-36% increase in the price of some seafood supplies. Few doubt such costs will be passed onto Russian consumers, fuelling the country's inflation problem. Continue reading...
 |
| READ THE ORIGINAL POST AT www.theguardian.com |
