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Tuesday, May 28, 2024

Putin signs order banning the export of certain goods & raw materials

Russian President Vladimir Putin has signed an order banning the export of certain goods and raw materials, on the grounds that in order to maintain the security of the Russian Federation and in order to not affect the continuous operation of Russian industry

Russia’s cabinet will decide on a list of goods that Russia will prohibit exporting to, including countries where the order will be enforced within the next 48 hours. This export ban will be in effect until the end of 2022.

Putin’s signing of the order comes just hours after the United States announced a ban on Russian oil and gas imports. And Britain announced it would stop relying on Russian oil by the end of this year.

However, the measures Russia is preparing to implement are likely to affect commodity markets. Besides being the world’s second largest exporter of oil and natural gas, Russia is also a major exporter of grains and metals worldwide. It also exports palladium, which is the world’s largest rare metal  and Russia accounted for up to 40% of the world palladium market.

The government will have to define the list of states to be covered by these decisions within two weeks. These restrictions will not cover products or raw materials being transported by citizens for their personal needs.

Furthermore, the cabinet will be allowed to set particularities of implementation of these measures in regards to certain products or certain people or companies.

The new measures are being introduced in addition to the measures outlined in the previous presidential decrees. Previously, Russia imposed special economic measures in response to unfriendly actions of the US and other states and international organizations, as well as temporary economic measures aimed at ensuring Russia’s financial stability.

The new decree has been signed in order to ensure Russia’s security and uninterrupted operation of industry. The decree enters into effect since the moment of official publication.

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