Russia strikes back with an import ban on agricultural products from countries subjecting it to sanctions

The sanctions war between Russia and the likes of Europe, the US and Japan, has ratcheted up a notch.

President Putin has signed a decree limiting or banning imports of agricultural products from countries which have imposed sanctions on Russia.

The crisis in Ukraine and the downing of a Malaysia Airlines flight have led to tighter restrictions on some senior Russians and certain companies close to the Kremlin.

Today, President Putin hasn't used the word 'sanctions', but some form of economic retaliation was expected.

Of course, the big trade relationship between Europe and Russia is one to do with energy rather than vegetables and fruit.

But it will have an impact.

As Chris Weafer, an economist at Macro-Advisory based in Moscow, explains.