Russia will restrict exports of certain goods and commodities in retaliation for Western sanctions against the country. This was stated in a decree signed by President Vladimir Putin, according to a government statement.
What exactly that size is is still unclear. A list of goods and raw materials that Russia wants to restrict exports has not yet been created. Previously, Russia threatened to cut off the supply of natural gas via the Nord Stream 1 pipeline. Also, the Kremlin wants to track which countries are “unfriendly” countries.
After Russia’s invasion of Ukraine, the European Union, United States, Britain and other allies tried to pressure Putin’s government with economic sanctions. For example, the Russian central bank’s access to foreign assets has been frozen and a number of Russian banks have been banned from the SWIFT international messaging system, which allows fast transactions between banks.
The United States imposed tougher sanctions on Russia, banning imports of all Russian coal, gas and oil. The Russian economy relies heavily on exports of fossil fuels. Britain wants to get rid of Russian oil before the end of this year.
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