Russian President Vladimir Putin has signed a decree to extend the food embargo imposed by the country on Western food products until the end of December 2017.

The ban was first introduced by Russia in the summer of 2014 on a range of European food imports in reply to EU sanctions on the country for its intervention in Ukraine.

Russian Prime Minister Dmitry Medvedev said in a statement: "A decision on restrictive measures was adopted almost two years ago in retaliation for EU sanctions and those of some other states. This sphere of our relations has not improved in any way.

"Russia's decision to extend the food embargo is motivated not so much by EU sanctions as by the need to create the most favourable and predictable conditions for Russian farmers. Therefore the appropriate restrictive measures shall be introduced for a period of 18 months, rather than six months."

The extended ban on the import of agricultural products, feedstock and food from the US, EU countries, Canada, Australia, Norway, Ukraine, Albania, Montenegro, Iceland and Lichtenstein into Russia will remain in place until 31 December 2017.

Medvedev added: "The list of these goods remains unchanged, and all the bans remain in force."

On the other hand, the EU also extended its sanctions against on Russia through January 2017 despite opposition from many Western officials, Reuters reported.

The Council of European governments said: ""Having assessed the implementation of the Minsk agreements, the Council decided to renew the sanctions for a further six months, until 31 January 2017."

Recently, Finnish dairy giant Valio announced that it would close a plant in the country's southern city of Tampere, as its sales were hit by Russia's food embargo.