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Russia imported food and produce worth almost £10bn to Russia last year, although the total for Britain is much smaller.
However, UK farmers fear that prices will fall following Russia's decision to ban imports of EU fruit, vegetables, meat and dairy products for 12 months because of a likely glut from European farms.
ITV News correspondent Emily Morgan reports.
British farmers are unlikely to be affected by Russia's decision today to ban imports of fruit, vegetables, meat, fish and dairy products from the EU and a further four countries for 12 months.
Martin Haworth, deputy director-general of the National Farmers Union, said that the UK exported food and drink worth only £115m to Russia last year. The total included £17m of frozen fish, £5.7m of cheese and £5.3m of coffee.
“However, other EU countries do export a lot and there is every likelihood that a ban could have an impact on EU prices, which will then have a knock-on effect in the UK," Haworth said.
The Foreign Office said that Russia had no grounds for imposing the sanctions, which will also affect the United States, Australia, Norway and Canada.
"Instead of retaliating, Russia should be using its influence with the violent Russian-backed separatists to stop destabilising Ukraine," a spokesman said.
Russian Prime Minister Dmitry Medvedev said on Thursday that Moscow was considering banning transit flights by airlines from the European Union and the United States to the Asia-Pacific region.
Medvedev said a final decision on whether to ban the flights by EU and US airlines had not been taken but said Russia had decided to ban transit flights for Ukrainian airlines via its territory.
Russia has banned the importation of fruit, vegetables, meat, fish and diary imports from the United States, Australia, Canada, the European Union and Norway, Prime Minister Dmitry Medvedev has said.
The measures are part of a raft of counter-measures to be imposed after the targeted nations imposed sanctions on Russia over its role in the crisis in Ukraine.
The import ban begins today and will last for one year, he added.
Russian President Vladimir Putin has told his government to prepare for retaliatory measures against the latest western sanctions, the Tass News Agency reports.
"Of course, it should be done carefully in order to support domestic producers and not hamper consumers," he was quoted as saying.
President Barack Obama announced more sanctions on Russia yesterday, stating that Russia is not doing enough to halt the flow of weapons and fighters into eastern Ukraine.
Speaking to reporters at the White House he said:
European Union leaders would work to block loans for new projects in Russia as well as a range of other sanctions in response to Moscow's actions in Ukraine, according to a draft statement.
The statement said that EU countries would also work together to suspend funding for new projects in Russia through the European Bank for Reconstruction and Development.
Sanctions would also target companies that helped to undermine Ukrainian sovereignty and a first list of companies and people to be targeted with asset freezes would be drawn up by the end of July.
This comes as the US announced its widest-ranging sanctions against Russia yet.
The United States has imposed its most wide-ranging sanctions yet on Russia's economy over Moscow's "provocative" behavior in Ukraine.
The sanctions included Gazprombank and the Rosneft Oil Co, and other major banks and energy and defense companies.
Washington has steadily escalated its financial sanctions on Russia over what it views as Moscow's interference in its neighbour Ukraine.
A senior US administration official told reporters on a conference call that the sanctions were designed to avoid spillover risk for the global economy.
President Barrack Obama is due to shortly make a statement on the Russian sanctions, the White House said.