Russia Bans Export of 200 Products After Suffering Sanctions Hit

By BLOOMBERG

Russia announced an export ban for more than 200 products after the economy was hit by sanctions over the invasion of Ukraine. It stopped short of curbing sales of energy and raw materials, the country’s biggest contribution to global trade. 

The restrictions cover items previously imported into Russia, from medical equipment and agricultural machinery to railway cars and turbines, the government said on its website. It said the measure is “necessary to maintain stability on the Russian market.” 

The ban applies until the end of this year. There may be a waiver for members of the Eurasian Economic Union — a bloc of Russia’s regional allies — though Russia also imposed a temporary halt on grain exports to EEU countries until Aug. 31.

Sanctions imposed by the U.S. and allies have largely isolated the country from the global economy, blocking access to its foreign-exchange reserves and preventing many Russian banks from dealing in the world’s main reserve currencies. The U.S. and U.K. have also announced bans on Russian oil imports. 

Russia remains a key energy supplier to European Union countries, even though the bloc is taking steps to reduce its reliance. Russia threatened earlier this week to cut supplies of natural gas via the Nord Stream 1 pipeline to Europe. 

Other Russian products that play a significant role in world trade include wheat, precious and industrial metals, and wood. The government said Thursday that it has “suspended the export of several types of timber and timber products to states that are undertaking hostile actions against Russia.”