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WBEN NewsRadio 930>Audio & Video on Demand>>Russian Sanctions - Larry Miller

Russian Sanctions - Larry Miller

Aug 7, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

Angry about the Ukraine sanctions the Russian government banning all imports now of meat and fish milk and milk products fruits and vegetables. From the United States from the European Union from Australia Canada and Norway. CBS is Larry Miller is watching all of this from the foreign desk in London and -- with us now on the WB and live like good morning Larry. Good morning why should say may be good afternoon there. -- okay. Has anyone really tallied up the effects of all this is its symbolism or is it actually going to hurt interest in Europe and the United States. -- It's gonna hurt Russia -- Because Russia doesn't have the up. The foodstuffs that it's -- as of today but it also gonna hurt the US. I exported to Russia one point three billion dollars worth of food -- lashed cheered the he's gonna take a much bigger hit. It exported sixteen billion dollars. Last year Russia and that's going to hurt the EU which is still struggling to come out of recession. What kind of slow food products does the United Kingdom. Send over to lose to the Russian uses it mainly a lot of fishery closure right there and have a big fishing industry Larry. There's position there's fruit. The big. I suppose exporters. Would be France from the EU would be France Italy. Spain. The Netherlands those of the the big countries that are going to be hurt. However it's worth pointing out and Russia says look there are other suppliers out there were dirty talk a bit chilly for fruit and vegetables. We're live where does Russia get its food well that it does have to import a little loose. Nearly three billion dollars worth last year Brazil. Two and a half billion dollars worth last year Turkey these are these countries that they can still get. That that it's not on the banned list. Turkey China. -- war yes. Poland will hurt -- small countries that one half billion dollars worth -- exports to Russia is gonna hurt Poland. Not so much the US threat that exports. Police. Roughly about one point three billion. And you said to some degree it's gonna hurt the Russian people to. Coming to the Russian people killed because suddenly you're graphics 50% of the food Moscow is imported -- it's not all imported from the countries that are. That they have the ban imposed. But you will start seeing shelves. And seeing you will see. Prices going up so it's gonna. I heard people in their pocketbooks. But but will they take it out on Putin and his government probably not remember of the Russians were part of the Soviet Union Soviet Union had sanctions. For many many many years is that we're far greater than in the eighties and and and impact about a week ago. A Russian said the Russian officials said that sanctions being imposed on on Russia right now. Peanuts but compared to what they used to be but it is gonna hurt -- not not really interestingly what isn't bad. Or alcohol products sold the west consultant in wind and and Scotch and whatever else. And I notice also -- not on the list. Are any sort of energy products that that that for them is a big import to listen that. You know Russia doesn't want you know cut off the nose to spite its face so to speak. But what it is considering doing and in the statement today which outlined via the ban. But we're also considering. Banning western flights. Flying over Russian air space Russia's a mass of country and that's the route to go to the Asia Pacific. So that's going to cause a lot of problems if airlines have to reroute -- gonna cost. Travelers a lot more money because it's it's going to be much more expensive to get where you're gonna go so there's that it Russia's also said that today that. It may introduce restrictions regarding the importance of planes Carter's. Other. Products like that but the first Russia have to determine whether it's got the production capabilities to. Immediate shortfall. Which you know you mentioned the Soviet Union before things were worse but these are different times things have been getting better for the Russian people. If they're gonna add -- all these other things that you just mentioned it would seem that there would be some kind of backlash against mr. -- Put him in the last few years has tried to make Russia as self sufficient this problem as possible and many many ways. This is the strategy is if this strategic. Decision. Not to be dependent on the west. Any more than he has to be. Our old old some of the sanctions that were imposed last week for the European Union and in the US. Arms exports to Russia. Russia really doesn't care that much 1%. Of the entire massive Russian military budget. Is imported. From other countries so Russia as as as over the last few years taken most of that in the house. And then you're already they're saying that Russian farmers are gonna step up to the plate. They're gonna start providing more and more and more with government help so that there won't be good shortages so there won't be the price rises. And again that falls into Putin's strategy of self sufficiency. Sure clearly a lot more to come on this topic Larry thanks for sharing a little bit out of this morning already. I think that's the CBS correspondent Larry Miller in London.

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