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12-03-2022|Crypto

Following the imposition of sanctions, Russia has banned the export of 200 products.

After the economy was battered by sanctions following the invasion of Ukraine, Russia declared an export embargo for more than 200 products. It fell short of restricting sales of energy and raw minerals, which are the country's most important exports.

The limits apply to commodities that were previously brought into Russia, including medical equipment, agricultural gear, railway carriages, and turbines, according to the government's website. The step is "essential to ensure market stability in Russia," according to the statement.

The prohibition is in effect until the end of the year. Members of the Eurasian Economic Union, a bloc of Russia's regional allies, may be granted a waiver, while Russia has imposed a temporary freeze on grain exports to EEU countries until August 31.

Sanctions implemented by the United States and its allies have effectively cut Russia off from the global economy, prohibiting it from accessing its foreign exchange reserves and barring many Russian institutions from dealing in the world's major reserve currencies. Russian oil imports have also been banned in the United States and the United Kingdom.

Even while the European Union is taking steps to minimise its dependency on Russia, the country remains a major energy provider. Russia threatened to halt natural gas supplies to Europe via the Nord Stream 1 pipeline earlier this week.

Wheat, precious and industrial metals, and wood are some of the other Russian exports that are important in international trade. The government announced on Thursday that it has "suspended the shipment of numerous types of timber and timber products to governments engaged in unfriendly activities against Russia."

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