Russia Retaliate Against Western Sanctions, Bans Export Of Cars, Airplanes, Until end-2022

Russia retaliate against western sanctions, bans export of cars, airplanes, drones until end-2022.

Exporting of telecom, medical, electrical, tech equipment and agricultural commodities will also be banned until the end of 2022. 

It said the measures are aimed at ensuring uninterrupted functioning of key sectors of the economy.

A Govt. commission has approved the first step towards nationalising assets of foreign firms that leave the country.

But Mercedes said the move to take over foreign companies in Russia could affect its $2.18 billion in assets.

Russia on Thursday retaliated against Western sanctions imposed over its invasion of Ukraine by banning exports of certain goods and agricultural commodities.

Exporting of telecom, medical electrical, tech equipment, cars, airplanes, drones and agricultural commodities will be banned until the end of 2022, according to Russian TASS news agency.

“These measures are a logical response to those imposed against Russia and are aimed at ensuring uninterrupted functioning of key sectors of the economy,” the economy ministry said.

Russia retaliate against Western sanctions, bans export of cars, including Aurus Senat and limousine, until end-2022

• See Also : Mercedes’ $2.2B Assets In Russia Threatened By Country’s Plan To Take Over Foreign Companies That Paused Production

Further measures could include restricting foreign ships from entering Russian ports and allowing Russian airlines to register jets leased from Western firms as their own property.

The measures come after Western sanctions threatened to cripple Russia’s energy-dependent economy.

Western companies, including several auto companies, have either paused business or pulled out of Russia en masse in a move aimed at curbing Moscow’s access to funding.

To further stabilize its economy, a Russian government commission on Thursday approved the first step towards nationalising assets of foreign firms that leave the country, a move which Mercedes-Benz said could affect its €2 billion ($2.18 billion) in assets.

• See Also : UAE Orders Large Batch Of Aurus Luxury Cars From Russia, Most Likely Bulletproofs – Says Minister