Russia’s Export Bans

March 11, 2022

Russia imposed a ban on certain goods and equipment on 10^th March 2022. This is in retaliation to the sanctions imposed by western nations on Russia for its invasion of Ukraine.

About the export ban

A temporary export ban is imposed on 200 goods and equipment, which is effective until the end of 2022.
The ban is imposed on certain items previously imported into Russia and they include medical equipment, agricultural machinery, electric equipment, turbines, video displays, projectors, switchboards, railway cars, etc.
According to Russia, this export ban is required to maintain stability in its markets.
The export of these goods from Russia is prohibited to all countries, except members of the Eurasian Economic Union (EAEU) (a bloc of Russia’s regional allies), Abkhazia, and South Ossetia.
To export to the excluded countries, a special authorization procedure will be applied. Earlier, Russia imposed a temporary halt on grain exports to EAEU countries until August 31st, 2022.
Russia also prohibited the export of several types of timber and timber products to countries that are undertaking hostile actions against Russia.

Role of Russia in global trade

Russia is an important energy supplier to the EU. Wheat, precious and industrial metals, and wood are the other Russian products that play an important role in global trade.
Russia did not curb sales of energy & raw materials, which are its biggest contribution to global trade. However, it threatened to cut supplies of natural gas via the Nord Stream 1 pipeline to Europe.

Seizure of Russian property in Ukraine

A law was signed by the President of Ukraine that allows the seizure of Russian property in Ukraine. Under this law, Ukraine can confiscate property belonging to Russia or its residents without any compensation.

« Previous PostNext Post »