Russia bans exports of 200 items to counter Western sanctions : The DONG-A ILBO

Russia has banned exports of more than 200 Russian products to counter economic sanctions from Western countries, Bloomberg reported Thursday. Therefore, timber exports to hostile countries, including South Korea, will be banned and patent rights protection will be suspended in the Russian market.

According to Bloomberg, the items subject to export are numerous, ranging from technology, communication, medical equipment to agricultural machinery and iron ore. Exports of grain, fertilizer and sugar will also not be allowed.

Moscow has also banned exports of wood and wood products to 48 countries it has called unfriendly. Russian products account for about 20% of imports in the South Korean wood market, and prices for wood products are likely to skyrocket at least for a while here. The South Korean government said a list of specific items subject to Russia’s export ban had yet to be released, further adding to uncertainties. “If raw materials, including energy and rare earths, are not included in the export ban items, the impact of the export ban on the South Korean market will be limited,” he said. a source at South Korea’s Ministry of Commerce, Industry and Energy.

The Russian government has suspended the protection of patent rights held by companies from hostile countries or operating in these countries. “Russia will be able to continue using foreign brands such as McDonald’s that are pulling out of Russia en masse,” the Washington Post reported.

According to Reuters on Thursday, US President Joe Biden has decided that the United States will suspend normal trade relations with Russia, including exemption from most-favoured-nation tariffs.

Seong-Ho Hwang


About Author

Comments are closed.