Russia bans exports, hits back against sanctions
The list includes goods and equipment previously imported into Russia from 48 countries, including EU states and the United States
Summary:
- Moscow announced an export ban on more than 200 types of foreign-made products and equipment until the end of the year
- The list includes goods and equipment previously imported into Russia from 48 countries, including EU states and the United States
Russia announced an export ban on more than 200 types of foreign-made products and equipment until the end of the year in a bid to mitigate the impact of western sanctions.
The list includes goods and equipment previously imported into Russia from 48 countries, including EU states and the United States, reports BBC.
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The measure will affect all foreign countries, but exceptions can be made for members of the Moscow-led Eurasian Economic Union and Georgia's breakaway regions of South Ossetia and Abkhazia.
Russia will also ban some timber exports to nations that have "committed unfriendly actions".
Around 48 countries will be affected, including EU and the US.
Companies such as carmaker Stellantis, which produces and sells the Peugeot, Citroёn, Opel, Jeep and Fiat brands in Russia, was looking to start exporting locally made light commercial vehicles to Western Europe before Russia invaded Ukraine.
Interfax news agency also cited a source familiar with legislation being prepared as saying Russia may temporarily ban grain exports to a group of ex-Soviet countries forming part of the Eurasian Economic Union (EEU) from 15 March to 31 August, as well as sugar exports outside the EEU area.
The EEU is made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia itself.
It follows harsh western sanctions on Russia's financial system and energy in response to its invasion of Ukraine.
A growing number of Russian oligarchs have also been hit with asset freezes and travel bans.
According to the most recent figures, Russia is the UK's 19th largest trading partner, with trade between the two nations totalling £15.9bn.
President Vladimir Putin's "special military operation" in Ukraine that began on February 24 has triggered unprecedented Western sanctions and sparked an exodus of international corporations from Russia.
