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The ministry said in a press release on Thursday that the EU member states and the European Commission will monitor "the consequences of both the introduction of economic sanctions by the EU and the counter measures by Russia".

The ministry noted that upon introducing the sanctions last week, the EU announced that it will examine their consequences after three months. It expects that the EU will "open up the question of solidarity regarding reducing the damage to the most affected member states".

"At the same time, we are advocating the position that the dialogue between the EU and Russia on the stabilisation of the situation in Ukraine should be continued, and that the principle of reversibility should be observed," the press release adds.

Slovenian food companies are meanwhile concerned that Russia's food ban will result in a business damage, mainly because of the declining sales on the Russian market and additional administrative problems, as companies have signed long-term contracts with Russian partners.

One of the consequences of the ban will also be a fall in the prices of foodstuffs on the EU market, as the ban will cause a surplus of agricultural and food products on the market, especially milk and meat, the Chamber of Commerce and Industry (GZS) told the STA on Thursday.