Business

Russia extends counter-sanctions against US, EU & allies through 2019

President Vladimir Putin has signed a law extending the embargo against countries that have imposed sanctions against Russia. Restrictions will be in force until the end of next year.

Read more

The government is instructed to take all measures necessary to implement the decree. The document came into force on the day of signing, on July 12.

In August 2014, Russia banned imports of certain agricultural products, raw materials and foodstuffs from countries that target Russia with sanctions. They include the United States, the European Union, Canada, Australia and Norway. The ban includes meat products, fish, seafood, fruits and vegetables, and dairy products.

The US and its allies imposed sanctions against Russia after accusing the country of annexing Crimea and supporting rebels in Eastern Ukraine.

Moscow insists it is not involved in the Ukrainian conflict and that the Crimean referendum overwhelmingly supported reunification with Russia.

The foreign food embargo has given a boost to Russian agriculture. Since the introduction of Western sanctions in 2014, Russia has become the worlds largest grain exporter, producing the largest harvest in forty years.

“These measures give us the right to protect our market from the influx of dumped products. The also protect the interests of our domestic producers,” the chair of the Russian State Dumas Agriculture Committee, Vladimir Kashin, said.

For more stories on economy & finance visit RT's business section

Original Article

[contf]
[contfnew]

RT

[contfnewc]
[contfnewc]

Related Articles

Business

Pressed by COVID-19 and low oil prices, Nigeria slips into recession

africanews– Nigeria, Africa’s biggest economy, entered recession for the second time in...

Business

EU Reeling From Yellow Vest Protests. What Happens if There Is a Debt Crisis?

There is a lot of talk about which economic bubble will burst...

Business

EU Reeling From Yellow Vest Protests. What Happens if There Is a Debt Crisis?

There is a lot of talk about which economic bubble will burst...

Business

Till Trump do they part: Top tech firms cut ties with Huawei following US trade blacklisting

Last week, US President Donald Trump signed an executive order aimed at...