Valio, the Finnish dairy company, has announced it will begin talks with employees over possible job losses following the Russian ban on EU food. In a statement the company said it will be “hit by far the hardest” of all Finnish food companies exporting to Russia. Valio has almost 500 staff employed in Russia.

Food exports from Finland to Russia in 2013 amounted to €283.4m. Of this total, Valio accounted for €242m or 85%. Russia is Valio’s biggest export market and makes up almost 20% of the group’s net sales. Valio mainly exports milk, butter and cheese to Russia.