Russia to retaliate against sanctions imposed by US and President Putin

Moscow: Russia has started preparations to retaliate against the stringent sanctions imposed by the United States and its allies. Russian President Vladimir Putin has issued an ordinance to ban the export of important and sensitive materials. The Russian foreign department has also indicated impending sanctions and warned that action would be taken to rock Western countries.

Western countries have imposed sanctions on all the important Russian sectors over the Ukraine issue. The Russian economy is in a big crisis, given the sanctions imposed. Hence, this is claimed to be the biggest economic crisis since the disintegration of the USSR. Although Russia has initiated steps to reduce the sanctions’ intensity, they are not very successful. Against this background, Russia has started preparations to deliver a jolt on the economic level to the western countries.

Moreover, Russian President Vladimir Putin issued a special ordinance on Tuesday night. It orders a ban on exports of important and sensitive products produced in Russia. Sources said that these include raw material and also may include life essentials. Sources clarified that Russia would be releasing the list of items banned for exports in the next two days.

Dmitry Birishevsky, a senior official in the Russian foreign department, confirmed the possible Russian action. Birishevsky warned, ‘Russia will impose sanctions on sensitive sectors after proper evaluation and they will be implemented immediately. The action will deliver a jolt to the western countries.’

Russia is a leading country in the production of food grain and metals like Palladium, Nickel, Aluminium. The rates for these have already reached record levels and if Russia stops exports of these items, the prices in the international market can explode. Analysts have already claimed that this can have a massive impact on the growth of the global economy.