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On March 10, 2022, Russia put a ban on specific items and equipment. This is in response to Western sanctions placed on Russia for its invasion of Ukraine.

Concerning the export prohibition

A temporary export ban on 200 items and equipment is in force until the end of 2022. The restriction applies to previously imported products such as medical equipment, agricultural machinery, electric equipment, turbines, video displays, projectors, switchboards, railway trains, and so on. According to Russia, this export embargo is necessary to preserve market stability. Except for members of the Eurasian Economic Union (EAEU), Abkhazia, and South Ossetia, the export of these products from Russia is restricted to all nations. A unique authorisation procedure will be used to export to the banned nations. Russia has already put a temporary embargo on grain shipments to EAEU nations until August 31st, 2022. Russia has also forbidden the export of certain types of timber and timber products to nations that are unfriendly to Russia.

Russia's role in global commerce

Russia is a key provider of energy to the EU. Other Russian items that are essential in global commerce include wheat, precious and industrial metals, and timber. Russia did not restrict sales of energy and raw commodities, which account for the majority of its contribution to global commerce. It did, however, threaten to stop natural gas supplies to Europe via the Nord Stream 1 pipeline.

Russian property has been seized in Ukraine

The President of Ukraine has approved legislation authorising the seizure of Russian property in Ukraine. Under this law, Ukraine has the authority to seize property belonging to Russia or its people without compensation.

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