Russian Ministry of industry officials said Russia may ban EU and American clothing and textile imports for retaliation in response to further sanctions imposed by the United States and the European Union.

According to an official spokesman of Russia's Ministry of industry and trade, the Russian government is planning to provide domestic textile producers free of charge for cheap bank loans, with interest rates not higher than 5%.

In addition, there are plans to provide more tax incentives to manufacturers.

He added that Russia may also provide direct subsidies to some of the major textile producers in the country, including well-known companies such as KamyshinTextile, Parchovya Ryad and so on.

According to the data of Russian Federation National Bureau of statistics, the proportion of textiles and garments imported from Russia and the United States accounts for about 10% of Russia's goods.

Traditionally, such imports are the most expensive and high margin products.

According to a preliminary estimate by Ross's industry and trade analyst, the ban will cause western garment and textile manufacturers to lose about 7 billion 700 million euros a year.

According to Russian industry and

Vice Minister Viktor Evtuhov said sanctions against textiles and light industrial products in the West will significantly increase Russian domestic production, and Russian domestic demand is growing steadily.

In August 18th this year, Evtuhov said at a meeting of the Ministry of industry that the additional demand was due to the new market created by the recent annexation of Crimea, and the 2014 Sochi Winter Olympic Games was also a plateau for detonating demand.

It has been stated that government procurement contracts will not allow imports of garments and textiles from the EU, and prohibit the importation of such apparel and textile products.

The Russian government issued a decree in August 11th this year. Since September 1, public procurement has stopped importing textiles, knitwear, nonwovens and certain ready-made garments overseas.

This covers

The procurement ban on garments and related imported products applies to the government of Russian Federation and its municipalities, but does not include the other two countries of Belarus and Kazakh, the two Russian led Eurasian customs union.

The Russian procurement ban includes cloth, finished products, ropes, strings, nets, non-woven materials and products except knitted garments, knitted fabrics, socks, jumper sweaters, cardigans, trouser suits, jackets, underwear and fur products.