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Five-years sanctions: food production increased, and also prices

Most of all, the embargo helped dairy, fruit and vegetable producers. On August 6, 2014, Russian President Vladimir Putin signed a decree banning or restricting the import of agricultural products, raw materials, and food from states that introduced economic sanctions against some Russian Federation residents. The next day, the government determined the countries and types of food that should be banned: meat, fish, shellfish, milk and dairy products, vegetables, fruits, etc. from the European Union, the USA, Canada, Australia, and Norway fell under the embargo. The sanctions were introduced for a year. But the embargo is extended every year. Again in June Putin once again extended it until December 31, 2020.

 

Source: www.vedomosti.ru   

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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