Ibec group Food and Drink Industry Ireland (FDII) has stated that the ban on EU food imports announced by Russia earlier this week is a 'cause for serious concern' for Irish agri-food industries.
"This year long ban, which affects dairy and meat exports, in particular, will have serious direct and indirect implications for the sector," said the group's Cormac Healy.
"Irish agrifood exports to Russia are in the region of €235 million per annum, and this will have a direct effect on businesses."
Russia is seen as a key market for Irish dairy, meat and prepared foods products.
Healy added: "However, the indirect impact is also a major concern as there will be significant volumes of displaced products forced on to the EU and international markets that otherwise would have gone to Russia. This is happening at a time when international markets are already faced with strong supply, this is particularly the case for dairy products, and this is expected to affect prices."