The European Commission on Thursday announced emergency market support measures for milk sector which are affected by the Russian ban, according to an official statement.
The Commission will open Private Storage Aid for butter, Skimmed Milk Powder (SMP) and certain cheeses in order to alleviate the impact of Russian restrictions on imports of European dairy products and to limit the negative effects on the internal market.
It also confirmed that the period for public intervention of butter and SMP will be extended until the end of the year.
European Agriculture and Rural Development Commissioner Dacian Ciolos explained: "Price signals on the European dairy market show that the Russian ban is starting to hit this sector. In a number of Member States export earnings are being lost and new outlets need to be found."
"In the coming days I will also present to Member States and the European Parliament a first full analysis of the short and medium term impact of this Russian ban on all major European agri-food sectors, together with an overview of the policy options," the Commissioner said.
EU dairy exports to Russia last year were worth 2.3 billion euros (3.03 billion U.S. dollars), notably in the form of cheese close to 1.0 billion euros (1.32 billion U.S. dollars), the statement said.