Russia takes special economic measures in response to western sanctions

Russia has taken a set of stern economic measures in response to the sanctions imposed by the United States and western countries on Moscow. The new economic measures aim at alleviating the impact of  western sanctions on the Russian economy.

According to Russian media outlets, Moscow has banned exporting a large amount  of goods to foreign markets in a step that aims at protecting the Russian economy from the impacts of western sanctions.    

Russia’s President Vladimir Putin signed a law that provides for cancelling the value-added tax on gold bullions bought by individuals in Russia.

The Central Bank of Russia also announced taking new measures including raising its key interest rate to 20%. Russia also banned exporting communication devices, medical, agricultural, electrical and technological equipment as well as cars until the end of this year. The ban list included 200 items, which also included railway cars, containers, turbines, some types of wood and other goods.

 In the same context, the Russian Ministry of Economy revealed that Russia will suspend its exports of wheat, rye, barley and corn to the Eurasian Economic Union until August 31,2022, in a move that aims at securing the needs of the domestic market of enough food.

The Russian government also asked the Parliament to restrict the entry of foreign ships to Russian ports.

Earlier, President Putin vowed to retaliate to the “economic war” being waged by the West on his country, saying that Russia will surpass the current crisis and emerge stronger.  

Hamda Mustafa