Hopes are growing that Russia will end its 18-month ban on food imports from the west this July.

The second year of the politically-driven food ban will end this July and soundings are coming from the Kremlin and Brussels that an agreement could be reached.

Comments made by France’s finance minister in Moscow last week has given rise to hope that a compromise could be reached between the EU and Russia to end the sanctions.

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“The objective we all share is to be able to lift sanctions next summer because the process has been respected,” minister Emmanuel Macron told French media.

Sanctions

It is understood that Russia would only consider easing sanctions on the importation of food should the EU reduce its financial sanctions on Russia. Russia’s ban on the importation of food products from EU countries, as well as the US, Australia, Canada and Norway, has had a major effect on the Irish dairy and pigmeat sectors.

Bord Bia estimates that in 2015, the value of exports to Russia were around €50m, a 70% decline in value compared with 2014, with only certain types of ingredients and edible oils exempt from the trade embargo imposed by Russia.

Russia had turned to Iran to help make up the shortfall of product, which had been imported from the EU.