Russia hits back at Western sanctions with export bans

Russia has banned exports of more than 200 types of foreign-made product until the end of 2022 in a bid to mitigate the impact of western sanctions.

Exports of telecom, agricultural, electrical and technology equipment that were previously imported into Russia from abroad will be affected.

Russia will also ban some timber exports to nations that have “committed unfriendly actions”.

Around 48 countries will be affected, including EU and the US.

Banning exports of foreign made goods was “necessary to provide stability on the Russian market”, according to an order signed by Russian Prime Minister Mikhail Mishustin.

Other items subject to the ban include cars, railway carriages, containers and turbines.

It follows harsh western sanctions on Russia’s financial system and energy in response to its invasion of Ukraine.

A growing number of Russian oligarchs have also been hit with asset freezes and travel bans.

According to the most recent figures, Russia is the UK’s 19th largest trading partner, with trade between the two nations totalling £15.9bn.

Source: BBC

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