Putin responds to US ban by signing an order prohibiting the export of raw materials

Russia’s president, Vladimir Putin, has signed a decree imposing exceptional economic measures in foreign trade to preserve the country’s security, barely hours after the White House placed an oil and gas embargo on Russia.

The decree sets forth precise economic measures that will be in effect until December 31, 2022.

According to the Russian government, there is a “ban on exports beyond the Russian Federation’s territory and (or) imports into the Russian Federation’s territory of products and (or) raw materials according to lists specified by the Russian government.”

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Imports of Russian crude oil, gas, and energy were banned by US President Joe Biden on Tuesday.

“All Russian oil, gas, and energy imports are prohibited,” he stated.

Before the US imposed sanctions, Alexander Novak, Russia’s Deputy Prime Minister, threatened to halt natural gas deliveries to Germany via the Nord Stream 1 pipeline.

Germany, which has argued that a supply deficit threatens “social cohesion,” has repeatedly objected to this threat.

Russia is a major supplier of wheat, nickel, coal, aluminum, and palladium and is the world’s third-largest crude oil producer.