Recently Russia decided and imposed a ban on certain goods and equipment. The experts says 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 tip of 2022. The ban is imposed on certain items previously imported into Russia and that 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 keep up stability in its markets.
The export of those goods from Russia is prohibited to any or 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 are going to be applied. Earlier, Russia imposed a brief halt on grain exports to EAEU countries until August 31st, 2022.
Russia also prohibited the export of several styles of timber and timber products to countries that are undertaking hostile actions against Russia.
Role of Russia in global trade
Russia is a crucial energy supplier to the EU. Wheat, precious and industrial metals, and wood are the opposite Russian products that play a vital role in global trade. Russia failed to curb sales of energy & raw materials, which are its biggest contribution to global trade. However, it threatened to chop supplies of 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 permits the seizure of Russian property in Ukraine. Under this law, Ukraine can confiscate property belonging to Russia or its residents with none compensation.