Food embargo effects

Abstract

The article analyzes effects of food embargo on the import of food and agricultural goods, the production of agricultural products and the Russian food market. It states that the embargo on the import of foods from the European Union, the United States and supporting countries has become in recent years an additional factor of the reduction of the food import of Russia which already has been decreasing under the influence of the ruble devaluation and compression of domestic demand. The conclusion is made that the policy of import substitution in the agroindustrial complex which was a response to Western sanctions has a consequence of the growth of domestic production of foodstuffs and the decrease of the share of imported food products in the commodity resources. The article draws attention to the fact that the reduction of food import and ruble devaluation caused an increase in food prices on Russian market.