Minister for Agriculture Simon Coveney has said it is estimated that only €10-15 million of Irish food exports to Russia will be directly affected by Russia's decision to ban food imports from the European Union.
Bord Bia originally estimated that the sanctions would affect around €70m worth of exports.
Last Wednesday, Russia banned fruit, vegetable, meat, fish and dairy imports from the European Union.
It also banned food from the United States, Australia, Canada and Norway.
The ban is in response to sanctions against Russia for its role in the conflict in Ukraine.
However, the minister said there is significant concern at European level about the potential disruption to producer prices.
This is as a result of a short term surplus of food in Europe resulting from the closure of the Russian market.
Speaking at the National Livestock Show in Tullamore, Co Offaly, Mr Coveney said a special meeting of officials from all European countries will take place later this week.
They will consider what the EU can do to prevent such disruption including the possibility of providing funding to put food into private storage.