Russia responds to Western sanctions with firm economic measures

Damascus-SANA

After the Western countries and the United States announced the imposition of economic sanctions, Russia took a set of deep economic measures to confront these sanctions and limit their effects on the Russian economy.

According to Russian media, Moscow has banned the export of a wide range of goods to foreign markets, in a move aimed at protecting its local economy from the repercussions of sanctions. Russian President Vladimir Putin also signed a law that includes the abolition of value-added tax on gold bullion when purchased by individuals in Russia.

The Russian Central Bank announced new measures, including raising the main interest rate to twenty percent. Russia also banned the export of communications equipment, medical, agricultural, electrical and technological equipment and cars until the end of this year. The ban list included 200 items, which also included railway cars, containers, turbines, some types of wood and other goods.

In this context, the Russian Ministry of Economy announced that Russia will suspend its exports of wheat, rye, barley and corn to the Eurasian Economic Union until August 31, in a step to secure its domestic market with enough food. The Russian government also asked Parliament to restrict the entry of foreign ships to Russian ports.

President Putin, during a cabinet meeting yesterday, pledged to respond to what he described as the “economic war” waged by the West against his country, and said that Russia will emerge stronger from the current crisis.

Putin made it clear that Russia will take a set of measures in response to Western sanctions, indicating that there are legal solutions to respond firmly to foreign companies that close and stop their production in Russia, stressing also that his country does not intend to take the initiative to sever relations with any of the countries that it has come into conflict with.

Putin also stressed that Moscow will remain committed to its commitments in the field of energy and that it will continue to export energy, including those that pass through Ukraine. At the same time, he warned of a huge rise in food prices globally because Russia is one of the largest producers of fertilizers necessary for global supply chains.

Russian Prime Minister Mikhail Mishustin said at the meeting that his government is dealing with Western sanctions according to specific plans to reduce their effects on citizens, while Finance Minister Anton Siluanov revealed that the status of deposits in the banking system is stable and that the priority at present is to preserve job opportunities and pay government obligations from Salaries, health and social support While Agriculture Minister Dmitry Patrushev said that Russia's food security is guaranteed, noting that it will produce 123 million tons of grain this year.

Within the framework of similar measures, the Russian President agreed with his Belarusian counterpart Alexander Lukashenko on steps of mutual support between the two countries to confront Western sanctions and maintain the stability of prices for energy carriers in the two countries.

It is noteworthy that Russia began its special military operation in Ukraine on the twenty-fourth of last February, in order to protect its strategic national security, due to the increasing dangers from NATO on its western borders and the threat to include Ukraine in the alliance.

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