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EU to fund agricultural products affected by Russia's ban

IANS 23 Aug 2014, 20:19:42 PM IST
Brussels: Experts of the European Union (EU) said Friday that the EU would provide additional funding for agricultural products affected by Russia's food import ban.

On the emergency support measures for peaches and nectarines announced Aug 11, the executive body of the EU, the European Commission confirmed that the additional funding for peaches and nectarines is “aimed primarily at withdrawals for free distribution, but will also cover withdrawals for other destinations (e.g. composting, non-food use, etc),” Xinhua reported

According to the EU, the legal text of support measures over the agricultural products will be amended in the coming days to this effect.

The budget for these measures is 29.7 million euros (or $39.5 million) for withdrawals and three million euros for promotion, allocated to Italy, Spain, Greece and France on the basis of annual production.