Russian President Vladimir Putin signed Wednesday a decree imposing a one-year ban on agricultural produce, foods, and raw materials from countries that have sanctioned Russia. The list of banned or restricted goods is expected to be approved by the government later in the week.

European agricultural businesses responded by saying they are worried that the Russian import ban may have serious negative consequences for them.

Finland may lose as much as 400 million euros (US$535 million) as a result of Russia’s retaliatory sanctions. According to Heikki Juutinen, the managing director at the Finnish Food and Drink Industries’ Federation, sanctions would be “very bad news” for his country, as about a quarter of Finland’s exports go to Russia, local Yle radio station reported. The situation may affect such big players as Valio – Finland’s biggest dairy producer.