Vladimir Putin, Russia’s president, has signed a decree introducing special economic measures in foreign trade to ensure Russia’s security, just hours after the White House imposed an oil and gas embargo on the country.
The decree imposes specific economic measures that will last until December 31, 2022.
“A ban on exports outside the Russian Federation’s territory and (or) imports into the Russian Federation’s territory of products and (or) raw materials according to lists determined by the Russian government,” according to the Russian government.
The decree also prohibits “exports of products and/or raw materials outside of the Russian Federation’s territory and/or imports of products and/or raw materials into the Russian Federation’s territory in accordance with lists established by the Russian government.”
On Tuesday, The United States president, Joe Biden, banned imports of Russian crude oil, gas, and energy.
“We are banning all imports of Russian oil and gas and energy,” he said.
Prior to the sanctions by the U.S., Alexander Novak, Russia’s Deputy Prime Minister, has threatened to stop natural gas exports to Germany via the Nord Stream 1 pipeline.
A threat that saw the repeated objections from Germany, which has stated that a supply shortage threatens “social cohesion.”
Russia, which is the world’s third-largest crude oil producer, is also a major exporter of Wheat, nickel, coal, aluminium, and palladium.