Russian farm sector needs $17.6b due to bans: minister
Sunday, 24 August 2014
MOSCOW, Aug 23 (AFP): Russia's farm sector needs an additional 636 billion roubles ($17.6 billion, 13.2 billion euros) of investment to replace the products it banned in response to Western sanctions, Agriculture Minister Nikolai Fyodorov said on Friday.
"We prepared a reasonably optimistic scenario of the sector's development that foresees additional financing of not one trillion, but just 636 billion roubles from 2015 through 2020," the minister was quoted as saying by the state-run RIA Novosti news agency.
Russia earlier this month imposed sweeping bans on food from the United States, the European Union and a handful of other countries in response to Western economic sanctions.