[LINK] "Russians Live Without Parmesan as Italy Pays Sanctions Price"

[rfmcdonald]

Bloomberg's Lorenzo Totaro and Matthew Winkler report how sanctions against Russia have hit Italy hard, as the Mediterranean loses much of its lucrative trade in food and fashion with that country, perhaps permanently.

Russians are living with less Ferragamo and no parmesan cheese as Italy has lost over $1.5 billion due to European Union sanctions aimed at punishing President Vladimir Putin.

"We are worried and we are afraid,'" Italian Industry Minister Federica Guidi, said in an interview in her office on Rome's Via Veneto, the street known for its cafes and elegant shops where Russians can still occasionally be seen stocking up on designer brands before heading home.

For decades, the two countries enjoyed cozy trade relations, buoyed by the friendship between former Prime Minister Silvio Berlusconi and Putin. Russia's rich donned high fashion straight out of Milan's catwalks and craved delicacies such as Parma ham. Italy grew to rely on that steady and growing stream of imports.

All that came to a crashing halt last year as the conflict in the Ukraine drove a wedge between Europe and Russia. The U.S. and the EU slapped on sanctions. Putin retaliated by banning a range of foods, from meat to dairy products.