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The Effect of Food Sanctions on Prices in Russia in 2014-2016

Monitoring of Russia's Economic Outlook. Moscow, 2017, No. 5, pp. 16-18

3 Pages Posted: 5 Apr 2017

See all articles by Ekaterina Ponomareva

Ekaterina Ponomareva

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA); Gaidar Institute for Economic Policy; Russian Foreign Trade Academy

Rustam Magomedov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Economic Policy

Date Written: April 3, 2017

Abstract

In H2 2014, Russia introduced a food embargo against a number of countries as a retaliatory measure to economic, technological and financial sanctions. Limitation of imports of goods to Russia led to growth in prices on foreign goods and their domestic analogs, as well as changes in the consumer goods basket. According to our estimates, as a result of the food embargo prices on goods under sanctions (delivered from countries against which the food embargo was not imposed) rose on average by 3.0%, while prices on sanctions-free goods, generally by 2.9%.

Keywords: Russian Economy, Food Sanctions

JEL Classification: Q16, Q17, Q18

Suggested Citation

Ponomareva, Ekaterina and Magomedov, Rustam, The Effect of Food Sanctions on Prices in Russia in 2014-2016 (April 3, 2017). Monitoring of Russia's Economic Outlook. Moscow, 2017, No. 5, pp. 16-18, Available at SSRN: https://ssrn.com/abstract=2946363 or http://dx.doi.org/10.2139/ssrn.2946363

Ekaterina Ponomareva (Contact Author)

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Russian Foreign Trade Academy ( email )

Pudovkina str, 4a
Moscow, 119285
Russia

Rustam Magomedov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Economic Policy ( email )

Sredny av. V.O., 57/43
Москва, St. Petersburg
Russia

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