MOSCOW (Reuters) – Russia yesterday banned the export of more than 200 foreign-made goods in response to a series of sanctions imposed by the United States and European countries. This is part of a series of measures to reduce the impact of Western sanctions. Exports of cars, telecom, technology and agricultural products previously imported to Russia from other countries will be banned until the end of this year.
Exports of timber to countries that have resorted to non-friendly measures with Russia will also be banned. This will affect exports to 48 countries, including the US and EU countries. The embargo was imposed to prevent the re-export of previously imported products so as not to create a shortage in Russia’s domestic market rather than put pressure on other countries.
Steel and fertilizer factories and paper mills in Europe began to close as inflation rose in the energy sector due to Western sanctions. The sharp rise in prices was due to lower supplies of oil and natural gas from Russia and Ukraine, and the US refusing to buy them from Russia.
Leading fertilizer maker Yara had stopped production yesterday. Leading paper mills in Italy and Austria were also closed. With the collapse of steel factories, the construction sector in Europe will also be in crisis.
English Summary: Russia ban on exporting
