Moscow, Europe Brief News – Moscow retaliates against Western sanctions on Russia for invading Ukraine by imposing export bans on a number of products which will last until the end of 2022.
The ban includes exports of medical, agriculture, telecom, vehicle, electrical equipment and forestry products such as timber.
The Economy Ministry declared that they are planning to take further measures which focus on restricting foreign ships from Russian ports. It also said “these measures are a logical response to those imposed on Russia.
The Ministry further added that the bans on countries that have committed unfriendly actions were aimed at ensuring the continued functioning of key sectors of the economy. The export ban includes more than 200 products with measures to last until the end of the year.
Responded to Sanctions on Russia
The US and European Union have imposed a number of tougher sanctions on Russia. Recently they have imposed sanctions to ban Russian oil and are hitting Russian billionaire oligarchs who seem to have a close connection with Putin.
The order said that export exemption is possible from Georgia’s breakaway regions of South Ossetia and Abkhazia and for members of the Russian Led Eurasian Economic Union.
Mikhail Mishustin, Russia’s Prime Minister said “ The ban would include exports of goods made by foreign companies operating in Russia. Items include cars, railway carriages and containers”.
This thing appears on the surface as Russia’s former president Dmitry Medvedev warned that assets owned by western companies that have pulled out of Russia could be nationalised.
The companies have decided to pull away from their businesses from Russia or stop investing in them. These companies include industrial and mining giants such as Rio Tinto, Starbucks, Unilever, Caterpillar and Goldman Sachs.
On Thursday, Medvedev said in a statement “ The Russian government is already working on measures which include bankruptcy and nationalisation of the property of foreign organisations”.
He further added that foreign firms need to understand that getting back to Russian markets once leaving would be an extremely difficult task. He even blamed Western investors for creating pressure on locals who are desperate for their survival.
According to the recent figure, Russia is the UK’s nineteenth largest trading partner with trade between the two nations totalling 15.9 billion pounds over a year.
