Russia bans exports of more than 200 products after sanctions hit

Russia bans exports of more than 200 products after sanctions hit

Russia has announced an export ban on more than 200 products, including those previously imported into Russia, from medical equipment and agricultural machinery to railway carriages and turbines, following Western economic sanctions. The government said the measure was “necessary to maintain the stability of the Russian market”. The ban will last until the end of the year. Members of Russia’s regional ally, the Eurasian Economic Union (EEU), may be exempt, although Russia has also temporarily halted grain exports to EEU countries until Aug. 31.

It is reported that the sanctions imposed by the United States and its allies have largely isolated Russia from the global economy, blocked the use of Russia’s foreign exchange reserves, and made many Russian banks unable to conduct transactions in the world’s major reserve currencies. In addition, the United States and the United Kingdom also announced a ban on the import of Russian oil.

However, Russia’s commodity raw materials make the largest global contribution, and in addition to crude oil, other Russian products that play an important role in global trade include wheat, precious and industrial metals, and wood.