Russia to ban some raw material exports

Russia has issued an order to ban the export of some raw materials and other goods in response to hard-hitting Western sanctions, but the Kremlin is yet to specify which products will be affected.

According to a document posted by the Kremlin on March 8, the order was signed by Russian president Vladimir Putin. He has given the government two days to prepare a list of countries that the restrictions will apply to.

Russia is a major exporter of oil, gas, petroleum products, coal, wheat and various metals. Moscow's move to curtail exports was announced on the same day that US president Joe Biden declared that his country would not import any Russian oil and gas.

"We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will; no longer be acceptable in US ports and the American people will deal another powerful blow to Putin's war machine."

Some European countries have also called for embargoes on Russian oil and gas. 

Sanctions and counter-sanctions could plunge Western economies into recessions, while Russia is now on the brink of defaulting on its sovereign debt as a result of the punitive measures.