WEST LAFAYETTE, Ind. (WLFI) – A Purdue economist thinks the Russian ban might actually backfire.
Chris Hurt said the biggest impact will be on the chicken industry. Hurt said seven percent of U.S. chicken is exported to Russia. He said one percent of pork is sent to Russia and a small amount of soybeans.
Hurt said the move will have little impact on the U.S. economy, but a big impact on Russian consumers.
“About 40 percent of the food that they consume in Russia comes from other countries, particularly Europe. I think the impact is going to be detrimental in Russia,” Hurt said.
Hurt said under the sanctions against Russia, the country can no longer export wheat and corn. He said countries may now look to the U.S. for those goods, helping our economy.