Last week Russia announced a one-year ban on European Union and U.S. agricultural products. However, the ban might hurt Russian consumers more than U.S. farmers.
American Farm Bureau Economist Veronica Nigh says Russia was ranked number 20 on the export list last year at about $1.3 billion or nearly one percent of total sales. Russia on the other hand imports about 40 percent of its food. Nigh predicts there are food shortages in the future.
The ban includes all meat, fish, dairy, fruits, and vegetables, but the biggest hit will go to U.S. poultry. Russia is the second largest export destination for American poultry, worth more than $300 million in 2013.
Nigh says the announcement reminds farmers of the 1980 grain embargoes but she says the trade has worked hard to diversify export sales since then.