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  • Current sectoral opportunities in Russia

    In response to the Western sanctions, Russia imposed an import ban on food items originating from the EU, US, Norway, Canada, Australia and Japan for 12 months from August 2014. In August 2015, Montenegro, Iceland, Liechtenstein, Albania and Ukraine were added to Russia’s list. These bans were announced to stay in place until 2016. The banned food items are mostly staples in the Russian diet which are slated for future domestic production as part of the import substitution drive. However, raising domestic production will take several years before current demand gaps can be met, and with a population of 143 million, the Russian food market has considerable scope for growth. Companies whose product origins are not subject to Russian sanctions14 therefore enjoy an immediate window of opportunity to export these food items to Russia as first steps towards penetrating this market, with the potential for eventually localising production to reap greater economies of scale.

     

    Current sectoral opportunities in Russia

     Source: IE Singapore

     

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