Canadian businesses stung by Russian sanctions unsure of what 2015 holds
OTTAWA: Canadian exporters stung by Russia’s currency crisis and its retaliatory sanctions against the West over the crisis in Ukraine are wondering what 2015 will hold.
The Russian market bought 563 million dollars worth of Canada’s agricultural exports in 2012. For some firms, the first half of 2014 had the hallmark of a banner year and then sales dried up. Russia has slapped a ban on a wide range of food products from western countries.
Companies from farm equipment manufacturers to pork producers spent much of last year adjusting to the economic instability in Russia.
Senior executive for one of Canada’s biggest exporters to Russia says his company did about 250 million dollars in annual business.
Richard Davies vice president at pork and poultry processor Olymel says the fallout from the Ukraine crisis has had a significant effect.
Davies says pork producers have redirected some of their products into existing markets, but that has driven down prices.
