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Finnish Food Product Export decreased by 70% in Russia

Sanctions have been implemented in rather bad time for Finnish economy.

17.Mar.15 8:02 PM
By Lubov Kovaleva


Finnish Food Product Export decreased by 70% in Russia
Export of food products from Finland to Russia has decreased by 70% over the last few months in comparison with the same period in the previous year. Sanctions against Russia and sanctions in response against EU and the United States had a negative impact on Finnish economy.

According to “Bank of Finalnd” senior economist Heli Simola sanctions made it practically impossible for clients to get necessary financial support. Tis resulted in reduction of export. At the same time economic decrease is also obvious in Russian Federation.

“Russians have fewer opportunities to buy products in Finland. At the same time part of investments is postponed inside Russian federation”, - explained Finnish Central Union of Business Life representative Timo Laukkanen.

He also said that is not the best time for sanctions in Finland. This is due to the fact that there are serious problems in industrial sphere as well as on labor market.

Earlier Intrefax reported about the fact that Finnish export of products to Russia reduced by 12% within 3 quarters of 2014 which is almost €3.5 billion. At the same time Russian import has decreased by 15% during the same period which is €6.8 billion. Russia was major trading [partner for Finland over 7 last years. However it was replaced by Germany in January 2015.

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