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Russian food ban could cost EU €6.7bn, ING forecasts

20.08.14 @ 14:10

  1. By EUOBSERVER

Russia's ban on importing EU food could cost the bloc €6.7bn, according to Benelux bank ING. The bank estimates that the ban's impact will go beyond the EU's agriculture sector and could jeopardise 130,000 jobs. It could also cost 6 percent of EU production and 0.04 percent of its GDP.