President Vladimir Putin, pictured Tuesday, gave his cupboard two days to create a listing of commodities and of nations topic to a brand new export ban.
Picture:
handout/Agence France-Presse/Getty Photographs
Russian President
Vladimir Putin
is banning exports of sure commodities and uncooked supplies, in line with a decree issued Tuesday night in Moscow.
The precise commodities that shall be banned from export shall be decided by the Russian cupboard, the decree mentioned. Mr. Putin gave them two days to provide you with a listing of commodities and of nations topic to the ban.
The decree got here hours after President Biden mentioned that the U.S. would ban imports of Russian oil over the nation’s invasion of Ukraine and the European Union mentioned it could intention to chop imports of Russian pure gasoline by two-thirds this yr. The U.Ok. authorities additionally mentioned Tuesday it was phasing out Russian oil imports by the top of 2022 and is exploring choices to finish Russian gasoline imports altogether.
Russia is the third-largest oil producer on this planet and the most important exporter of pure gasoline. The exports gas Russia’s economic system and the West was believed to be too depending on them to give up simply. The invasion of Ukraine modified that dynamic.
Oil costs rose following Mr. Putin’s decree. Brent-crude costs, the worldwide benchmark, prolonged earlier beneficial properties to commerce 5.9% increased at $130.50 a barrel, earlier than slipping again. They remained beneath the excessive of about $139 a barrel recorded on Monday.
Russia can be a serious provider of grains and metals reminiscent of aluminum, nickel and palladium, which it accounts for 40% of the world’s manufacturing. A sweeping ban on exports may upend international commodity markets. Nickel hit an all-time excessive immediately.
The decree was a follow-up to earlier measures taken by the Kremlin in retaliation for Western sanctions. It described the purpose of the commodity-export ban as “making certain the safety of the Russian Federation and the uninterrupted functioning of business.” The ban shall be in impact till Dec. 31, in line with the decree.
—Joe Wallace contributed to this text.
Copyright ©2022 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8