Russia looks likely to extend its embargo on food from countries including the EU and US beyond the 7 August deadline.

The embargo was introduced at the beginning of August last year and was due to remain in place for 12 months. However, according to reports, Moscow has suggested trade barriers could remain in place for longer if western powers do not lift sanctions imposed on Russia over its role in the Ukrainian conflict.

The EU has already suggested it will extend sanctions on Russia until a peace deal over the Ukraine, struck in February, is implemented.

According to Reuters, Deputy Prime Minister Arkady Dvorkovich told reporters this week: "We are not currently considering cancelling the ban." Meanwhile, President Vladimir Putin has thrown his weight behind food security initiatives designed to boost local production.

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By GlobalData