By Alexander Miller, energy markets consultant, for Eurasia Business News – March 8, 2022

Russian President Vladimir Putin signed a decree on special economic measures regarding foreign economic activity in order to “ensure the security of the Russian Federation.“

The decree published today refers to a ban on the import or export from Russia of products or raw materials in accordance with the lists determined by the Government of the Russian Federation and the relevant restrictions.

The document also provides for exceptions for the import and export from Russia of products or raw materials for citizens of the Russian Federation, foreigners and stateless persons for personal use.

The Russian government would set up the lists of foreign states necessary for the application of these measures within two days.

The decree was signed in addition to the measures provided for by the decrees of February 28 “On the application of special economic measures in connection with unfriendly actions of the United States and foreign states and international organizations that joined them” and of March 1 “On additional temporary measures of an economic nature to ensure the financial stability of the Russian Federation”.

On Monday some experts expected that Moscow will take measures to restrict imports of certain Western products, as it did in 2014, in response to the economic sanctions imposed by the European Union and the United States at the time.  Russian authorities could also decide to reduce the exports of strategic metals to Western markets, such as Palladium, aluminium, platinum, steel, copper, nickel or gold.

More information will be revealed tomorrow, on March 10.

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