Russia has committed fromagicide. Our (vastly simplified) story can start with Russia’s policy in Ukraine. Next we had trade restrictions from the U.S., EU, Australia, Canada and other nations. Then Russia responded with new trade rules that banned a long list of…
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.