Hogan said the Russian ban had locked out €5.2bn of EU farm produce. To help with the resulting oversupply and price crisis, he pledged to work simultaneously on negotiating with Moscow on restoring trade, developing exports of non-embargoed products to Russia and opening new markets elsewhere in 2016.The commissioner also promised to “watch the Mercosur talks like a hawk” as free-trade negotiations with South American countries progress – many of them our competitors on meat markets.