Russia Threatens Or Will Completely Ban Imports From Europe And America.

Russian Ministry of industry officials said Russia may ban EU and American clothing and textile imports for retaliation in response to further sanctions imposed by the United States and the European Union.

According to an official spokesman of Russia's Ministry of industry and trade, the Russian government is planning to provide domestic textile producers free of charge for cheap bank loans, with interest rates not higher than 5%.

In addition, there are plans to provide more tax incentives to manufacturers.

He added that Russia may also provide direct subsidies to some of the major textile producers in the country, including well-known companies such as KamyshinTextile, Parchovya Ryad and so on.

According to the data of Russian Federation National Bureau of statistics, the proportion of textiles and garments imported from Russia and the United States accounts for about 10% of Russia's goods.

Traditionally, such imports are the most expensive and high margin products.

According to a preliminary estimate by Ross's industry and trade analyst, the ban will cause western garment and textile manufacturers to lose about 7 billion 700 million euros a year.

According to Viktor Evtuhov, Deputy Minister of industry and trade of Russia, sanctions against textiles and light industrial products in the West will significantly increase Russian domestic production, and Russian domestic demand is growing steadily.

In August 18th (2014) August 18th, Evtuhov said at a meeting of the Ministry of industry that the additional demand was not only due to the new market created by the recent annexation of Crimea, but also the reason for the 2014 Winter Olympic Games to detonate demand.

Russia has said that the government procurement contract will not allow imports of garments and textiles from the EU, and prohibit the importation of such garments and textile products.

The government issued a decree in August 11th of this year. Since September of this year, the public has stopped importing textiles, knitwear, nonwovens and certain ready-made garments from 1.

The ban on textiles, clothing and related inputs applies to the government of Russian Federation and the municipalities directly under the central government, but does not include the two other countries of the two Russian dominated European and Asian customs union, such as Belarus and Kazakh.

Russian procurement ban includes

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Except for textile products, ropes, ropes, nets, garments, non-woven materials and products, knitted fabrics, socks, jumper sweaters, cardigan sweaters, trousers, jackets, underwear, and fur products.