Russia to lift Turkey food embargo?

After several positive statements from both sides, Russia looks poised to lift its eight month food embargo on food imports from Turkey.

According to the Russian Minister for Economic Development Alexey Ulyukaev, the two nations looks set to reach an agreement with regard to the premature end to a ban that was due to last until the end of 2016.

Ulukaev was suggestive in his comments that: “We only need to ensure that Turkish agricultural goods match the quality standards that make these deliveries possible”.

It is thought that the losses suffered by Turkey as a result of the food embargo in the first five months of this year were an estimated $380m, of which a significant amount stemmed from poultry imports.

The embargo began toward the end of 215 when Turkey shot down a Russian SU-24m bomber in controversial circumstances and is considered to have significantly hurt the Turkish export economic output.

Amid sanctions against the EU and the US, Turkey’s food export figure increased tenfold in the latter half of 2014, reaching an overall volume of 8,000 tonnes.

Despite the food ban’s anticipated imminent removal, Turkey is still only predicted to have an 8% share in the Russian poultry import, a hard market in which to thrive, so perhaps it is time for the troubled nation to look to proliferate its food export.