Russia has banned exports of certain products and raw materials until the end of 2022 in a bid to mitigate the impact of Western-imposed sanctions.
These exports include telecommunications, agricultural, electrical and technological equipment. Also cars, drones and planes, indicates a report by the Reuters agency .
Russia could also ban some exports of wood and forest products to countries that “have committed hostile actions,” according to the Economy Ministry, which did not specify exactly which products it was referring to.
“These measures are a logical response to those imposed against Russia and are aimed at ensuring the uninterrupted functioning of key sectors of the economy,” the ministry said.
Russian Prime Minister Mikhail Mishustin said the ban would include exports of goods made by foreign companies operating in Russia. Items include cars, train cars, and containers.
Around 48 countries will be affected , including those that are part of the European Union and the United States.
Nationalization of foreign companies
Meanwhile, Dmitri Medvedev , the former Russian president, has warned that assets owned by Western companies that have withdrawn from Russia could be nationalized.
After the conflict began, and the West began to impose sanctions on Moscow, companies have left en masse or have stopped investing in Russia. Among these, industrial and mining giants such as Caterpillar and Rio Tinto, Starbucks, Sony, Unilever and Goldman Sachs.
On Wednesday, the Russian parliament approved legislation that paves the way for nationalizing the assets of foreign companies leaving the country.
And in a statement released Thursday, Medvedev said: “The Russian government is already working on measures including bankruptcy and nationalization of the property of foreign organizations.”
“Foreign companies must understand that returning to our market will be difficult,” he added. At the time, he accused foreign investors of creating “panic” among the Russian population.
These events come after harsh Western sanctions on Russia’s financial and energy system for its invasion of Ukraine.
A growing number of Russian oligarchs have also been affected by asset freezes and travel bans.
- BBC News World