EU looking at payouts to compensate for Russia food ban

The European Union's trade chief said on Thursday the bloc was considering compensating European food producers hit by trade restrictions that Russia has imposed in retaliation for EU sanctions over the Ukraine crisis, according to Reuters.
Trade Commissioner Karel De Gucht told business leaders in Cyprus the EU was looking at ways to help food producers during the crisis, and said he "strongly supported" the sanctions.
"To offset the problems for European food producers caused by Russia's recent restrictions, we are working to look at new markets as a first step and intend to use emergency compensation where this does not work out," De Gucht said.
Russia's retaliatory ban on imports of food from the European Union could cost producers in the bloc 5 billion euros ($6.6 billion) a year, according to an internal EU document seen by Reuters on Wednesday.