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RUSSIA'S EXPORT BANS

Context

On March 10, 2022, Russia banned specific items and equipment. This is in response to western nations' sanctions against Russia for its invasion of Ukraine.

Key Points

  • A temporary export embargo on 200 commodities and equipment has been issued, which will last until the end of 2022.
  • Medical equipment, agricultural gear, electric equipment, turbines, video displays, projectors, switchboards, railway carriages, and other products were formerly imported into Russia and are now prohibited.
  • This export embargo, according to Russia, is necessary to maintain market stability.
  • All countries except members of the Eurasian Economic Union (EAEU) (a group of Russia's regional allies), Abkhazia, and South Ossetia are forbidden from receiving certain commodities from Russia.
  • A unique authorisation procedure will be used to export to the banned nations. Russia had already temporarily frozen grain exports to EAEU countries until August 31, 2022.
  • Russia has also banned the export of numerous types of wood and wood products to nations hostile to Russia.

Russia's international trade

  • Russia is a significant energy provider to the European Union. 
  • Wheat, precious and industrial metals, and wood are some of the other Russian exports in high demand worldwide.
  • Russia did not halt energy and raw materials shipments, which account for most of its exports. 

It did, however, threaten to stop natural gas supplies to Europe via the Nord Stream 1 pipeline.

Russian property has been seized in Ukraine

  • The President of Ukraine has signed a law allowing for the seizure of Russian property in Ukraine. 
  • Ukraine can seize property belonging to Russians or their citizens without compensation under this law.

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