aA
According to the calculations of Agriculture Minister Virginija Baltraitienė, losses of Lithuanian dairy and meat producers may possibly amount to LTL 500 million (EUR 145 million), because of food product embargo imposed by Russia.
Virginija Baltraitienė
Virginija Baltraitienė
© DELFI / Šarūnas Mažeika

Based on preliminary estimates offered by banks, Russian embargo can cost the European Union up to LTL 23 billion (EUR 6.6 billion). The minister of agriculture said that the latest weeks have been intense not only for processors but meat and dairy producers as well. Although the Government rejected the Agriculture Ministry's proposal to compensate price difference to producers, saying this would increase budget deficit, the ministry will employ other measures to partially compensate for losses.

Baltraitienė also said that processors acted dishonestly by instantly reducing buying-in prices, even though they agreed with the Ministry of Agriculture not to do so for two weeks after the announcement of embargo.

"People show me documents in which they are offered to agree with price reduction retroactively, otherwise they are threatened with contract termination. This is wrong as this is our common problem. The government and the Ministry of Agriculture are looking for possibilities to help the whole sector, without excluding processors and producers. Meanwhile, one branch is trying to solve its own problems. What support for producers can we talk about if milk buying-in price has been drastically reduced by LTL 0.3-0.4 (EUR 0.08-0.12) and meat - by LTL 2 (EUR 0.58). We must seek a common way out of the situation," the minister told the Žinių Radijas radio.

Elta EN
It is forbidden to copy the text of this publication without a written permission from ELTA.
|Populiariausi straipsniai ir video

Coronavirus emergency may mean restrictions, release from obligations for firms

The Lithuanian government's decision to declare a state-level emergency due to the coronavirus...

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

Lithuanian businesses might feel coronavirus effect in spring

The coronavirus outbreak in China is already affecting Lithuanian businesses as some companies...

Leader in gaming and VR platforms to undergo major expansion in Lithuania

Unity Technologies , creator of the world’s most widely used real-time development platform for...

German polymer specialist establishing microduct systems production unit in Klaipeda

REHAU , a family-owned polymer specialist with annual sales of around EUR 3.5 billion, is...

Top news

1st coronavirus case confirmed in Lithuania (1)

The first coronavirus case was confirmed in Lithuania early Friday morning, the country's Health...

Hundreds of fans ask for refund of tickets to Zalgiris' Euroleague game

Several hundred basketball fans have asked for refunds of their tickets to the upcoming Friday game...

First Lithuanian coronavirus patient's family members undergoing tests

The Lithuanian woman, 39, who was diagnosed with the new coronavirus on Friday, evaded contact with...

Health ministry expands list of risky territories over coronavirus

Lithuania's Health Ministry has put Hong Kong , Iran, South Korea and Singapore onto the list...

Vilnius is 7th most accessible city in Europe

Vilnius came in 7th place beating many other European tourist hotspots.

|Maža didelių žinių kaina