CNN reported August 6 that Russian President Vladimir Putin has banned all food and agricultural imports from countries that have imposed sanctions against his country. http://www.cnn.com/2014/08/06/world/europe/russia-ukraine-crisis/index.html?iref=allsearch
- · Russia is Europe's largest importer in value of animals, meat, dairy products, fruits and vegetables, according to the European Union.
- · Russia is Iowa’s 12th largest export market (2013 – U.S. Census Bureau)
o Iowa exported $211 million in products to Russia in 2013, down from $330 million in 2012 (U.S. Census Bureau)
What do you think the economic impact of such actions will be on the Iowa economy?