March 11, 2022
1 min read

Putin retaliates with export bans

The ban covers exports of telecom, medical, vehicle, agricultural and electrical equipment, as well as some forestry products such as timber….reports Asian Lite News

Russia has hit back at western sanctions for invading Ukraine by imposing export bans on a string of products until the end of 2022, BBC reported.

The ban covers exports of telecom, medical, vehicle, agricultural and electrical equipment, as well as some forestry products such as timber.

The economy ministry said further measures could include restricting foreign ships from Russian ports.

It said: “These measures are a logical response to those imposed on Russia.”

The ministry added that the bans on countries that have “committed unfriendly actions” were “aimed at ensuring uninterrupted functioning of key sectors of the economy”, BBC reported.

Governments in the West have imposed a string of sanctions on Russia, notably on buying oil, and against billionaire oligarchs seen as close to Russian President Vladimir Putin.

US President Joe Biden and French President Emmanuel Macron (Credit twitter @POTUS)

About 48 countries will be affected, including EU and the US.

Russian Prime Minister Mikhail Mishustin said the ban would include exports of goods made by foreign companies operating in Russia. The items include cars, railway carriages, and containers.

It comes as Russia’s former President Dmitry Medvedev warned that assets owned by western companies that have pulled out of Russia could be nationalised, BBC reported.

Firms have been leaving en masse or halting investment, including industrial and mining giants such as Caterpillar and Rio Tinto, Starbucks, Sony, Unilever and Goldman Sachs.

On Wednesday, Moscow approved legislation that took the first step towards nationalising assets of foreign firms that leave the country.

ALSO READ: Hospital in Ukraine hit by Russian shelling

Previous Story

 Zelensky refutes chemical weapon charge

Next Story

Krrish, Ravi enter finals of Asian Youth & Junior Boxing

Latest from -Top News

‘Kill and Dump’ Haunts Balochistan Again

The latest killings have reignited accusations of extrajudicial executions and the use of counterterrorism laws to cover up custodial deaths in Balochistan….reports Asian Lite News Concerns have deepened across Balochistan following the

‘ASEAN Expands, But Keeps Its Soul’

Malaysian Foreign Minister Mohamad Hasan urged ASEAN to uphold its unity and strategic resolve amid intensifying geopolitical tensions and mounting external pressures…reports Asian Lite News Consensus and inclusivity will remain the cornerstones

Bangladesh bends to beat Trump’s blow

Dhaka seeks compromise as Trump’s 35% tariff looms large over key exports; Washington urges worker protections, factory relocation to US…reports Asian Lite News Bangladesh has opened the second round of critical trade

China seethes as US lands F-35s in PH

As US F-35 jets land in the Philippines for the first time, Manila cements its frontline role in Washington’s power play against rising China….reports Asian Lite News The Philippines is rapidly cementing
Go toTop

Don't Miss

Russia, Iran Foreign Ministers discuss JCPOA in telephone call

The eighth round of negotiations began in Vienna on December

‘Ukraine war meant to stop US domination’

Russia’s foreign minister was referring to America’s attempts to impose