The European Commission has approved a €28m financing package for milk producers in Estonia, Latvia and Lithuania.

Of the €28m financing package, €6.9m will be provided for Estonia, €7.7m for Latvia and €14.1m for Lithuania.

The move comes in response to the Russian ban on the import of certain EU agricultural products.

The three countries shared the funding based on their respective 2013/2014 milk production levels within national quotas.

EC’s Agriculture and Rural Development commissioner Phil Hogan said: "I am very conscious of the significant impact that the Russian ban has had on dairy producers in the three Baltic countries given their exposure to the Russian market and the drop in prices.

"When we look at the share of national production previously exported to Russia and the drop in prices since the start of the crisis, we see that the dairy sectors in Latvia, Lithuania and Estonia have been particularly adversely affected.

"I am pleased, therefore, that the Commission intends to provide support in the form of a financial envelope for each of the three countries which will support those dairy farmers which, as a result of the Russian ban, are encountering liquidity problems in exceptional circumstances."