Russian President Vladimir Putin has signed a decree banning the export of certain goods and raw materials.
The stated objectives of the decree are “to ensure the security of the Russian Federation and the uninterrupted operation of industry.”
The Russian cabinet must now decide on the list of goods and countries subject to the ban within the next 48 hours.
The ban will last until the end of 2022.
It only comes a few hours after the US announced that they will ban imports of Russian oil and gas; and the United Kingdom said that it will gradually abolish its dependence on Russian oil.
The new measures are likely to upset commodity markets. In addition to its massive fuel exports, Russia is also a major global supplier of grain and metals, including 40% of palladium worldwide.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
