The measure provides for restriction of 200 products until the end of 2022; there could be an exemption for members of the Eurasian Economic Union.
(MOSCOW – Agencies) – Russia announced new banning measures in response to trade sanctions imposed by the U.S. and the Eurasian Economic Union. So they banned the export of more than 200 products after sanctions following its invasion of Ukraine hit the economy. The country stopped short of curbing energy and raw materials sales, its most significant contribution to global trade.
The restrictions cover items previously imported into Russia, from medical equipment and agricultural machinery to rail cars and turbines, the government said on its website. It noted that the measure is “necessary to maintain stability in the Russian market.”
The ban will apply until the end of this year, and there could be an exemption for members of the Eurasian Economic Union, a bloc of Russia’s regional allies. However, Russia imposed a temporary curb on grain exports to E.U. countries until August 31.
Sanctions imposed by the U.S. and its allies have primarily isolated the country from the global economy, blocking access to its foreign exchange reserves and preventing many Russian banks from trading in the world’s major reserve currencies. The U.S. and U.K. have also announced restrictions on Russian oil imports.
Although the E.U. is reducing its dependence, Russia remains a key energy supplier to the bloc. Earlier this week, the Russian government threatened to cut off natural gas supplies to Europe via the Nord Stream 1 pipeline.
Other Russian products that play an essential role in world trade include wheat, precious and industrial metals, and timber. The government said Thursday that it “suspended the export of various timber and wood products to states that are taking hostile actions against Russia.”