Russia is considering banning vehicle imports from the West
As part of the country’s continued economic stand-off with the West over its role in the crisis in Ukraine, Russia has reportedly threatened to impose sanctions to block the importation of vehicles from companies in the United States and the European Union. This announcement comes shortly after Russia imposed similar restrictions on food and agricultural products.
This comes as a response to the sanctions that the United States and its allies recently imposed on Russia for allegedly supplying the pro-Russian separatists in Ukraine with military equipment and various other forms of military support. Despite Russia’s denial of these claims, the West has still decided to attack Russia’s economy, particularly the country’s financial and energy sectors, and now Russia is fighting back.
“We are starting to finally see some impact on sanctions, not because any of any of the official sanctions, but because of the accumulation of self sanctions,” says Chris Weafer of the Moscow-based Macro Advisory. “That is starting to have an impact on lending, interest rates and slowing down the economy and you have the additional problem of food inflation. It is all begining to weigh.”
Russian newspaper, Vedomosti, reported earlier today that a ban on vehicle imports was put before President Vladimir Putin, saying that he had rejected the idea but that it still remains an option in the event that the West decides to impose more sanctions on Russia. The newspaper, which cited an unnamed government source, said that Russia is considering a full or partial ban on the import of cars from countries that have imposed economic sanctions on Russia, although the Russian government has, as of yet, not made any move to introduce these restrictions.
Read more about the story at The Moscow Times.