"We need a European answer," Rupprechter told national broadcaster ORF. The Austrian Farmers' League and the Chamber of Agriculture have already called for compensation to be made available.
The EU council voted for sanctions, so it was now up to the council to find a solution for those who will suffer losses, Rupprechter said. The EU commission would provide a list of proposals, he added.
In 2013 Austria exported agricultural goods worth about €238 million to Russia - this number is now expected to halve due to the sanctions.
In particular meat exporters will suffer losses of around one million euros per week. Russia imported meat from Austria that was not so popular in the EU - such as fatty back bacon, and producers will now struggle to find a market for this.
Austria exported nearly ten billion euros of agricultural goods in 2013.