Biden President Vladimir Putin Signs Export-Import Ban Decree

Russian President Vladimir Putin. (Source: Kremlin.ru)

JAKARTA - Russian President Vladimir Putin ordered to limit or prohibit the import and export of certain products and raw materials from Russia by 2022 with a list of products to be determined by the government, according to a signed decree on special foreign economic measures, aimed at ensuring security Russia.

This was taken after the President of the United States Joe Biden announced a ban on imports of oil and gas from Russia, even though it would have an impact on increasing fuel prices in the country.

"Ensure the implementation of the following special economic measures until December 31, 2022: a ban on the export and import of products and/or raw materials according to a list to be determined by the government of the Russian Federation," the document said, adding that the list would determine the goods, which were exported and imports will be restricted, TASS reports March 9.

The government must determine a list of states to be covered by this decision within two weeks. This restriction will not cover products or raw materials transported by citizens for their personal needs.

Furthermore, the cabinet will be allowed to specify the specifics of implementing these measures against certain products or certain people or companies.

New measures are being introduced in addition to those outlined in previous presidential decrees. Previously, Russia imposed special economic measures in response to the hostile actions of the US and other countries and international organizations, as well as temporary economic measures aimed at ensuring Russia's financial stability.

To note, a new decree has been signed to ensure Russia's security and uninterrupted industrial operations. The decree comes into effect from the moment of its official publication.

As previously reported, U.S. President Joe Biden announced a ban on imports of Russian oil and other energy on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move he acknowledged would raise U.S. energy prices.

"We are banning all imports of Russian oil and gas energy," Biden told reporters at the White House.

"That means Russian oil will no longer be accepted in US ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin's war machine," Biden continued.

President Biden expects prices to rise further as a result of the "Putin war," but vows to do all he can to minimize the impact on the American people. He also warned US gas companies not to exploit the situation to engage in profiteering or price fraud.