Following the imposition of Western economic sanctions on Russia, the country has stated that shipments of more than 200 items will be halted.
According to a statement published on the Russian Federation government's website on March 10, exports of technical products, telecommunications equipment, medical equipment, vehicles, agricultural machinery, electrical equipment, and other areas, including railway rolling stock, containers, turbines, metal and stone processing machines, monitors, projectors, consoles, and control panels, will be suspended by the end of 2022.
Furthermore, the Russian government has temporarily halted the sale of specific types of timber to nations and territories classified by the Russian side as hostile. The ruling will stay in effect until the end of the year.
The Russian government's export embargo, on the other hand, does not apply to energy, and Russia will continue to export crude oil, natural gas, and coal.
Russian retaliation
Except for members of the Eurasian Economic Union (EAEU), Abkhazia, and South Ossetia, Russia's export restriction is in effect for the time being. The Eurasian Economic Union is an international organisation founded by Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, five former Soviet republics, to promote economic and political cooperation.
The measures, according to Russia's Ministry of Economic Affairs, are a legitimate response to those targeted against the country, aimed at assuring the ongoing functioning of vital economic sectors and maintaining the stability of the Russian market.
Further measures might include limitations on foreign ships accessing Russian ports and enabling Russian airlines to register planes rented from foreign businesses as their own property, according to the Russian government.
These actions are in response to Western sanctions against Russia, which have effectively cut Russia off from the world economy and barred it from using its foreign exchange reserves. Many Russian banks are unable to trade in the world's major reserve currencies.
The price of oil has risen dramatically.
The United States and the United Kingdom imposed an embargo on Russian oil imports by the end of 2022 on March 8, sending world oil prices soaring once further. Brent crude has soared to a record high of $132.72 a barrel since March, a nearly 42 percent increase.
According to the Russian news agency on Thursday, Russian President Vladimir Putin claimed that the jump in oil prices was caused by European and American countries putting a ban on the purchase of Russian energy, not by Russia. However, they are attempting to place responsibility on Russia for their errors.
Putin said that Russian oil supply to the US market is less than 3%, an insignificant amount, and that the spike in crude oil prices in Europe and the United States has nothing to do with the restriction on Russian oil imports. Europe and the US are just misleading their own citizens.
"A list of imported products and equipment that are temporarily restricted from being exported from Russia has been authorised by the government. The judgement will remain in force until December 31, 2022. It was passed as a follow-up to the Presidential Executive Order on the Use of Special Economic Measures in Foreign Economic Activity to Ensure the Russian Federation's Security, which was issued in July "read the press release from the Russian government
Over 200 items were on the list, including technological, telecommunication, and medical equipment, vehicles, agricultural machinery, electric equipment, railway cars and locomotives, containers, turbines, metal and stone cutting machines, video displays, projectors, consoles, and switchboards, among others.
The export of these commodities has been halted to all nations, with the exception of Eurasian Economic Union (EAEU) member states, Abkhazia, and South Ossetia, according to the statement.
Exports to the latter states will be subject to a specific approval procedure, which will be authorised in a separate Government decision.
According to the release, the Ministry of Agriculture, the Ministry of Transport, the Ministry of Industry and Trade, the Ministry of Digital Development, Communications and Mass Media, and the Ministry of Natural Resources and Environment will issue permits for exporting these goods to the EAEU states of Abkhazia and South Ossetia.
In addition, in accordance with the authorised list, the government has stopped the shipment of numerous types of timber and timber products to states that are engaged in unfriendly acts against Russia.
Meanwhile, Ukrainian President Volodymyr Zelenskyy approved a bill allowing Russian property to be seized in the country.
"Zelenskyy signs bill allowing Russian property to be seized in Ukraine." It gives Ukraine the authority to seize property belonging to the Russian Federation or its citizens without compensation. The Kyiv Independent tweeted, "The parliament passed it on March 3."
This comes as severe battle between Russian and Ukrainian forces enters its third week, with the war now in its fifteenth day." Prabha Narasimhan has been named CEO of Colgate-Palmolive India.
"As of March 9, three items of sports and youth infrastructure were destroyed in Kyiv, Kharkiv, and Chernihiv regionsx and ten things were damaged in Kyiv, Kharkiv, Zhytomyr, and Chernihiv regions," the Ministry of Youth and Sports of Ukraine tweeted.
The export suspension list contained more than 200 products, including railway trains and locomotives, containers, turbines, metal and stone processing machinery, displays, projectors, consoles, and panels.
"With the exception of member nations of the Eurasian Economic Union (EAEU), Abkhazia, and South Ossetia, the export of these items is temporarily barred to all foreign countries," the statement read.
The items' shipment to the EAEU, Abkhazia, and South Ossetia will require special permission from Russian authorities.
On Tuesday, Russian President Vladimir Putin issued an executive order restricting the import and export of specific items and raw materials.
The Kremlin then told the government to come up with a list of raw materials and goods, as well as a list of nations that would be subject to the restrictions.
Exports of telecommunications, medical, automobile, agricultural, and electrical equipment, as well as some forestry goods including lumber, are prohibited.
Further steps, according to the economics ministry, might include banning foreign ships from entering Russian ports.
"These actions are a natural reaction to those imposed on Russia," the statement stated.
The prohibitions on nations that have "taken unfriendly measures," according to the ministry, are "aimed at assuring continued operation of critical sectors of the economy."
More than 200 goods are included in the export prohibition. The restrictions will be in effect until the end of the year.
Western nations have placed a slew of penalties on Russia, including restrictions on oil purchases and sanctions against rich oligarchs linked to President Vladimir Putin.
Around 48 nations, including the United States and the European Union, will be affected.
Export exemptions might be granted to Georgia's separatist territories of South Ossetia and Abkhazia, as well as members of the Russian-led Eurasian Economic Union, according to the directive.
The restriction would encompass exports of items created by foreign enterprises operating in Russia, according to Russian Prime Minister Mikhail Mishustin. Automobiles, railway waggons, and containers are among the items on display.
It comes after Dmitry Medvedev, Russia's previous president, warned that assets controlled by foreign corporations that have left the country might be nationalised.
Industrial and mining behemoths like Caterpillar and Rio Tinto, as well as Starbucks, Sony, Unilever, and Goldman Sachs, have been departing en masse or suspending investment.
Moscow passed legislation on Wednesday that took the first step towards nationalising the assets of international companies that leave the country.
"The Russian government is already working on steps, which include bankruptcy and nationalisation of foreign organisations' property," Mr Medvedev said in a statement on Thursday.
"Foreign enterprises should be aware that re-entering our market would be challenging." Foreign investors, he claimed, are causing "panic" among regular Russians who may now lose their jobs.
Russia is the UK's nineteenth largest trading partner, according to the most available estimates, with annual commerce between the two countries totalling £15.9 billion by the end of September 2020.
Comments
Post a Comment