`Tunisia Agrees to Ease Russia's Reliance on European Oil - Olive Oil Times

Tunisia Agrees to Ease Russia's Reliance on European Oil

By Olive Oil Times Staff
Sep. 4, 2014 11:12 UTC
Tunisian Foreign Minister Mongi Hamdi

In response to Vladimir Putin’s retal­ia­tory ban on European goods, Tunisia has agreed to replace olive oil. Olive oil, cof­fee, and wine are not part of the Russian ban, how­ever, accord­ing the Russian news agency Itar Tass, Tunisian Foreign Minister Mongi Hamdi said European olive oil was of infe­rior qual­ity any­way, and he there­fore gra­ciously agreed to pro­vide Tunisian olive oil with­out inter­me­di­aries.”

European coun­tries were expected to lose about $9 bil­lion in rev­enue as a result of the ban ordered by President Vladimir Putin in response to sanc­tions related to the con­flict in Ukraine.

According to a research report pre­pared by Argon International for the International Olive Council, olive oil in Russia is con­sid­ered a spe­cialty prod­uct mostly con­sumed by the elite. However, in an effort to broaden the mar­ket, European pro­duc­ers, and Spain in par­tic­u­lar, have engaged in vig­or­ous mar­ket­ing cam­paigns.

Following two pre­lim­i­nary meet­ings in the spring of this year, Hamdi met Tuesday with Russian min­is­ter Sergueï Lavrov in Moscow to improve rela­tions between the two coun­tries and set a devel­op­ment exam­ple for coun­tries that had Arab Spring rev­o­lu­tions.” Relations between the two coun­tries have not met expec­ta­tions in the past, he said.

In addi­tion to a trade agree­ment, Tunisia received a $500 mil­lion loan from Russia, accord­ing to the ANSAmed Italian news agency.


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