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26 Oct, 2022 13:29

Putin extends trade ban with ‘unfriendly’ countries

The restrictions apply to the export of technological and medical equipment, vehicles, and agricultural machinery
Putin extends trade ban with ‘unfriendly’ countries

Russian President Vladimir Putin on Wednesday extended a decree imposing restrictions on trade in certain types of goods and raw materials with ‘unfriendly’ countries that placed sanctions on Moscow over the Ukraine conflict.

The presidential decree from March, issued shortly after the start of Russia's military operation in Ukraine, was set to expire on December 31, 2022, but was extended by another year to the end of 2023.

The Russian government approved the list of goods that fall under the ban back in March. It included more than 200 types of goods and equipment, such as technological, telecommunications and medical equipment, vehicles and agricultural machinery, and electrical equipment. The export of these goods was temporarily restricted to all foreign countries, with the exception of Russia’s partners in the Eurasian Economic Union, Abkhazia, and South Ossetia. In addition, the export of certain types of timber to ‘unfriendly’ countries was also banned. The ban does not target the transit of goods and those taken out of the country for personal use, or those made in Russia and bearing a Russian certificate of origin.

Separately, Putin approved on Wednesday a list of 45 Russian banks that are temporarily prohibited from carrying out transactions with shares and equity stakes that belong to citizens of ‘unfriendly’ countries. The list includes the Russian subsidiaries of Raiffeisenbank, Commerzbank, Credit Suisse Bank, UniCredit Bank, and Deutsche Bank. The ban will be in place until December 31, 2022, but transactions may be allowed if the shareholder is granted a special permit from the president.

The list of countries deemed ‘unfriendly’ to Russia comprises the US, UK, the member states of the EU, Albania, Andorra, Australia, the Bahamas, Iceland, Liechtenstein, Canada, Micronesia, Monaco, New Zealand, Norway, South Korea, San Marino, North Macedonia, Singapore, Taiwan, Ukraine, Switzerland, and Japan.

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