A ban on imported foreign goods brought on by sanctions against Russia will harm the economy of the North Caucasus republics, a leading academic has this week claimed.
Prof. Natalia Zubarevich, an expert on Russian economy from the Moscow State University, claims that the embargo on food imports will negatively affect the Russian economy, especially so in the North Caucasus.
The ban, which has already led to some food shortages across the country, is believed to lead to an increase in costs for many types of food – especially meat. Prof. Zubarevich shared the opinion that the embargo will lead to a high living cost for many in the North Caucasus.
Some experts have expressed that they believe the ban will lead to an increase in domestic agriculture that may benefit local economies. Prof. Zubarevich however stated that imports from countries such as Brazil and Argentina have managed to quell demand, while also driving up the cost of many foods.
Prof. Zubarevich predicted the cost of living to increase in Russia throughout the year, something that she feels will lead to deficit, poor local investment and will eventually impact the local economy of many Russian regions.
The impact of the food import ban is not fully known at this early stage, though many people have called for official bodies to lift the sanctions claiming that the punishment is being felt most by Russia’s poorest.