Published 3rd May, 2022

By Abdullah Tijani

Vladimir Putin, the Russian President, has signed a ‘broad decree’, forbidding the exportation of products and raw materials to people and entities on Russia’s sanctions list on Tuesday.

According to Reuters, Putin has also instructed members of his cabinet to draw up a list that would reflect the countries the decree would affect within ten days.

The move has been seen as the Kremlin’s toughest response yet to the sanctions burden imposed on it by the United States and its allies over the Russian invasion of Ukraine.

A tracking record by Reuters revealed that 127 different sanctions have been levied on Russia, by countries, individuals and companies since its invasion of Ukraine started on February 24.

Until Tuesday, the Kremlin’s toughest economic response had been to cut off gas supplies to Poland and Bulgaria and demand a new payment scheme for European buyers of gas.

FIJ had also reported how the Russia-Ukraine war had caused the World Food Price Inflation to skyrocket, reaching an all-time high.

According to a report by the Food and Agriculture Organisation (FAO), global food prices which had an average of 141.4 points in February surged by 13 per cent in March to 159.3, reaching its highest level ever.

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