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Import substitution in the wake of food embargo

Vasily Uzun, Natalia Shagaida (), Ekaterina Gataulina and Renata Yanbykh ()

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2015 the war of sanctions and the shutting down of access to Russian food markets for countries included in the sanction list[1] created favourable conditions for domestic farm producers. The limiting factor was the drop of ruble exchange rate that dramatically lifted prices for many farm inputs, both imported (hybrid seeds, pesticides, breeder stock, etc.) and exported (fertilizers, fuels). Therefore, there were fears that farmers would fail to benefit from the shutting down of markets and to increase domestic agricultural output. However, farm producers did not reduce areas sown in all major crops as compared with the previous year.

Keywords: Russian economy; import substitution; food embargo; sanctions; counter sanctions (search for similar items in EconPapers)
JEL-codes: Q13 Q14 Q15 Q16 Q17 Q18 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2016, Revised 2016
New Economics Papers: this item is included in nep-agr, nep-cis, nep-cse, nep-int and nep-tra
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Handle: RePEc:gai:ppaper:ppaper-2016-252