Russia Bans Export of Over 200 Products in Retaliation Against Western Sanctions

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[Asia Economy Reporter Jeong Hyunjin] On the 10th (local time), Russia decided to ban the export of over 200 products in response to Western countries' sanctions following airstrikes on Ukraine.

According to Bloomberg News, the Russian government announced in a notice that "this is a necessary measure to maintain the stability of the Russian market," and declared a ban on the export of over 200 Russian-made products including medical devices, agricultural machinery, trains, and turbines.

This export ban will apply until the end of this year to 48 countries including the United States and the European Union (EU). Bloomberg reported that while Russia temporarily suspended grain exports to Eurasian Economic Union (EEU) countries until August 31, it is expected to exempt the products subject to this export ban for EEU countries.

Russia's export ban comes in response to successive sanctions announced by the United States, the United Kingdom, and the EU. The Russian government explained that additional sanctions could be imposed on foreign ships entering Russian ports, stating, "This is a reasonable measure in response to sanctions imposed on Russia."

However, there is a view that this measure is unlikely to significantly impact Western countries and will remain largely symbolic. BBC reported, "Most of what Western countries purchase from Russia are raw materials such as oil and gas," and that Western countries are unlikely to be affected by Russia's sales of trains or agricultural machinery.