Russian food companies flourish in wake of EU pork import ban

Russian food companies Rusagro and Magnit have emerged as major beneficiaries of the tit-for-tat sanctions between Putin’s administration and the West. The  Russian farming conglomerate Rusagro last week announced that its third quarter sales rose 65% to about RUB17bn following the ban on pork imports from Europe. It said revenues in its pork division jumped by 161% year-on-year in Q3 to stand at RUB5.5bn. Russia’s biggest food retailer Magnit meanwhile announced a 40% jump in Q3 earnings. The Moscow Times