Vladimir Putin responds to Biden. The Russian president has signed an emergency document to ban the export of certain raw materials. A committee will meet soon to determine, over the next two days, a list of commodities subject to this ban. Russia is one of the main producers of all kinds of metals and raw materials, so a decision can affect the entire economy.
This measure will be in force until December 31, 2022, according to Russian information agencies. The decree specifically states that it will be prohibited to “export outside of the Russian Federation products or raw materials approved by the Russian Government”.
This decision comes hours after Biden announced the import ban on Russian crude oil and gas. This measure was supported by the United Kingdom and the European Union confirmed that it would reduce its dependence on these Russian products by 60% this 2022. All these measures seek to punish the Russian economy for the invasion of Ukraine.
Russia is not only the third largest oil exporter in the world, but also an important supplier of aluminium, nickel and palladium, resources of which it represents 40% of world production. The Kremlin itself thus responds to the West but affirms that this measure is to “guarantee the security of the Russian Federation and the uninterrupted operation of the industry.
There will be an exception, which will be the only one, which is the ban on “products and raw materials exported from Russia or imported into the country by citizens of the Russian Federation, foreign citizens or stateless persons for their personal use”. The sanctions will also be given to a series of countries that will also be dealt with by the Kremlin in the coming days.
Although it is not known which products could be affected, the Russian deputy prime minister, Alexander Novak, warned Europe today of the continent’s dependence on its gas. A sudden cut in power could deal an unprecedented blow to already high electricity and fuel prices.
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