Putin signs order restricting exports of some basic goods

Russian President Vladimir Putin

Russia issued an order saying it would restrict trade in some goods and raw materials in response to sanctions, and said details would follow as to which products would be affected.

President Vladimir Putin signed the order to ban or restrict goods but said those items still need to be reviewed by the cabinet before they are officially announced.

The Kremlin instructed the government to prepare a list of countries that the restrictions will apply to in two days.

Russia is a major exporter of oil, gas, grain and metals, and commodity prices have surged since the invasion of Ukraine on the prospect of supply disruptions, sanctions and counter-measures.

On March 8, the US and UK banned imports of Russian oil, while the European Union pledged to develop a plan to reduce the import of Russian gas by about two-thirds by the end of this year.