Economy

Russia hits back at sanctions with export bans

Exports of equipment and some forestry products banned until end of 2022

Moscow on Thursday. The Russian government has banned exports of auto equipment until the end of 2022 in retaliation for Western sanctions. Photograph: AFP via Getty Images

Thu Mar 10 2022 - 14:35

The Russian government has banned exports of telecom, medical, auto, agricultural, electrical and tech equipment, as well as some forestry products, until the end of 2022, in retaliation for Western sanctions on Moscow, it said on Thursday.

In total, more than 200 items were included on the export suspension list, which also covered railway cars, containers, turbines and other goods.

The economy ministry said exports of certain types of forestry and wood products had been banned but did not specify which products exactly.

"These measures are a logical response to those imposed against Russia and are aimed at ensuring uninterrupted functioning of key sectors of the economy," the ministry said.

READ MORE

Car-maker Stellantis, which produces and sells the Peugeot, Citroen, Opel, Jeep and Fiat brands in Russia, was looking to start exporting locally-made light commercial vehicles to Western Europe before Russia invaded Ukraine.

Interfax news agency also cited a source familiar with legislation being prepared as saying Russia may temporarily ban grain exports to a group of ex-Soviet countries forming part of the Eurasian Economic Union (EEU) from March 15th to August 31st, as well as sugar exports outside the EEU area. – Reuters

LATEST STORIES