Go to contents

Russia bans exports of 200 items to counter Western sanctions

Russia bans exports of 200 items to counter Western sanctions

Posted March. 12, 2022 07:27,   

Updated March. 12, 2022 07:27


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

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

Moscow has also banned exports of lumber and wooden products to 48 countries that it labeled as unfriendly. Russian products account for about 20 percent of import in the South Korean lumber market, and the prices of wooden products will likely soar at least for some time here. The South Korean government said a list of specific items subject to Russia’s export ban has yet to be released, which is further escalating uncertainties. “If raw materials including energy and rare earth are not included in the items banned from export, the impact from export ban on the South Korean market will be limited,” said a source at the South Korean Ministry of Trade, Industry and Energy.

The Russian government has suspended protecting patent rights owned by companies from unfriendly countries or those operating in such countries. “Russia will be able to continue to use foreign brands such as McDonald’s that are pulling out of Russia en masse,” The Washington Post reported.

According to Reuters on Thursday, U.S. President Joe Biden has decided that the U.S. will suspend normal trade relations with Russia, including exemption of tariffs provided to most favored nations.

Seong-Ho Hwang hsh0330@donga.com