Russia allows dairy imports from Turkish firms after Western food ban

ISTANBUL - Reuters

AA Photo

Russia has allowed dairy supplies from three Turkish firms, its veterinary and phytosanitary service (VPSS) said, boosting imports after Moscow banned most foods from the European Union and the United States.

Shares in one of the Turkish companies, dairy company Pınar Süt, surged 7.9 percent to 1.6 lira in Istanbul on the news, which was a first tangible sign of Turkey benefiting from the import bans.

Russia banned food imports worth about $9 billion from EU, the U.S., Canada, Australia and Norway in early August in response to trade sanctions over its role in the Ukraine crisis.

Turkey and Latin American countries such as Brazil have looked likely to emerge as key winners from Kremlin’s one-year ban on dairy, meat, fish, fruit and vegetables.

Officials in Turkey have predicted a near-doubling of their fruit and vegetable exports to Russia. Turkey is currently the fifth biggest exporter of food to Russia, its neighbor across the Black Sea, with sales worth $1.68 billion last year.

Russia’s veterinary service said on its website it had allowed supplies from Pınar Süt, along with Unilever (Algida) and Aynes Gıda starting from Aug. 22.