Putin signs a decree that blocks exports of raw or strategic materials
Russian President Vladimir Putin has signed a decree establishing special economic measures that will be in effect until the end of this year.
Part of these special economic measures will include a ban or restriction on exports outside Russia – the list of products, commodities and raw materials will be determined later by the Russian government. A kind of sword of Damocles aimed at western countries.
The purpose of the decree is "to guarantee the security of the Russian Federation".
The US has already banned imports of Russian crude oil, gas and energy on Tuesday. Outside the United States, other Russian crude oil buyers are self-sanctioning, further limiting Russia's ability to export its energy products.
When the United States announced the Russian energy ban, President Joe Biden said he did so with the full support of Europe, acknowledging that Europe is not well positioned to resist such a ban.
If Russia decides to add crude oil or natural gas to its list of banned or restricted products, however, it could send Europe into a new level of energy crisis.
The decree enters into force on the day of its official publication. The government was given two days to complete a list of which foreign states will be subject to the new restrictions and which items should be restricted or banned.
Yesterday, Russian Deputy Prime Minister Alexander Novak already threatened to stop natural gas exports to Germany via the Nord Stream 1 pipeline earlier this week.
Russia is the world's third largest producer of crude oil and is a major exporter of aluminum, nickel and palladium. Obviously, after these announcements, the prices of various commodities have risen further.
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The article Putin signs a decree that blocks exports of raw or strategic materials comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/putin-firma-decreto-che-blocca-le-esportazioni-di-materie-prime-o-strategiche/ on Wed, 09 Mar 2022 07:00:03 +0000.