August 10, 2015
Shifting from the EU to Russia and the Faeroes, Russia's embargo trade barriers changed export and import winners and losers for cheese and salmon.
Shifting from the EU to Russia and the Faeroes, Russia's embargo trade barriers changed export and import winners and losers for cheese and salmon.
Just like tariffs and other trade barriers, the Russian embargo of EU cheese helped Russian cheese makers as increases in supply and demand raised prices.
Embargoing goods from countries that imposed sanctions, Russia included McDonald's and ignored the benefits of David Ricardo's comparative advantage.
Supply and demand explain the impact of the Russian embargo on goods in Russia and on the countries that export items to them like poultry and fish.