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I don't believe its that's bad at this time, more likely panic buying.|
(Also note that China has banned pork imports from the US too. The ban reportedly aims to prevent ractopamine, which is an additive used in US hog farms that could leave toxic residual in pork products such as bacon and ham, from entering China. China produced 54.93 million tons of pork in 2013. China is one of the biggest buyers of US pork. The country imported $180.31 million worth of pork products in the first half of 2014, up 28 percent from the same period last year.)
The wealthy in Russia can always get whatever they want - including Putin.
Its the citizens who will suffer most, but there is still the Black Market (if you can afford higher prices).
It will take some time for Russia to resupply from other sources, hopefully before winter begins.
Putin did not restrict luxury goods (jewelry, clothing, cars) as that would piss off his wealthy friends.
As a side note food exports from the US suffer little, prices have fallen which lower any inflation risks.
Grains, hogs, cattle, poultry - they are all getting hammered.
The basic building blocks of the American diet are tumbling in price, which is not a problem.
The price of natural gas and gasoline has decreased and purchasing power increases, it means more money for consumers to spend.
The whole commodity-consuming industry, the consumer packaged goods business, is now beginning to get a windfall.