Other European farmers and businesses, some of which also send a fair chunk of their produce to Russia, fear the negative effects of oversupply on their domestic markets. The European Union has announced it would spend more than $160 million to help them weather the apparently crippling ban.
Meanwhile, Russian officials appear at least outwardly calm about the future prospects for their country's own food market, even trumpeting the ban as a way to stimulate domestic food production.
Alexei Nemeryuk, head of the Department of Trade and Services for the city of Moscow, says food prices in the capital will probably continue to rise through the end of the year.
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But he dismissed suggestions that ordinary Russians will suffer from a deficit of food on the domestic market, claiming that "more than 100 companies in Latin America are prepared to supply us with meat and fish," local news agencies reported him as saying.
Other officials have appealed to Russians' most cherished culinary traditions in a bid to soothe potential concerns.
Ilya Shestakov, head of the Federal Fishery Agency, said herring and red caviar — longtime favorites for feasts and other special occasions — would not disappear from the table during New Year's, the most popular holiday in Russia.
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"Of course, the assortment on store shelves will change a bit, but there's no need to be afraid," he told reporters on Tuesday. "On the contrary, it should be welcomed."
—By Dan Peleschuk, GlobalPost