Russia to ban foreign trade of certain commodities and raw materials — RT Business News
The list of restricted products and states will be revealed in two days
Russia is banning exports of certain commodities and raw materials, according to a decree signed by President Vladimir Putin on Tuesday evening. The new economic measures aim to keep Russia safe despite Ukraine-related sanctions.
Measures include “a ban on exporting outside the territory of the Russian Federation and (or) importing into the territory of the Russian Federation products and (or) raw materials according to lists determined by the Russian government.” The ban will be effective until December 31, 2022.
The actual products that fall under the restrictions, as well as the countries and entities subject to the new measures, have not yet been revealed, as the president has given the government two days to work out the details.
The ban will not affect products exported or imported for personal use; specifies the presidential decree.
The executive order came just hours after US President Joe Biden said Washington would ban Russian oil imports, while the EU said it would aim to cut the country’s natural gas imports by two-thirds this year. . The UK has also announced similar restrictions.
Russia is the third largest oil producer in the world and the largest exporter of natural gas. Oil prices jumped after Moscow’s announcement, with international benchmark Brent rising on top of earlier gains to trade 5.9% higher at $130.50 a barrel on Tuesday night. It lost some of its gains on Wednesday but was still trading in the green at $128.97 a barrel around 0800 GMT.
Russia is also the world’s largest supplier of grain, as well as metals such as aluminum, nickel and palladium. An export ban is expected to boost commodity prices, which are already trading at multi-year highs.
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