Putin signs into law a ban on exports and imports to Russia

Interfax reports that Russia's President Vladimir Putin has signed a decree that introduces special economic measures on importing and exporting.

According to reports, Putin has signed a decree that adds restrictions on foreign trade under the guise of protecting Russia's security. The new decree puts "a ban on exports outside of the Russian Federation's territory and (or) imports to the Russian Federation's territory of products and (or) raw materials according to lists determined by the Russian government."

Additionally, restrictions have been put on exports outside of the Russian Federation's territory, "and (or) imports to the Russian Federation's territory of products and (or) raw materials according to lists determined by the Russian government." Adding that "the measures envisioned by Clause 1 of the decree shall not be applied to products and (or) raw materials exported outside of the Russian Federation's territory and (or) imported to the Russian Federation's territory by citizens of the Russian Federation, foreign citizens, and persons without citizenship for personal use."

The Russian government has been given two days to get a list together of foreign states that will be subjected to the newly implemented measures that will be in effect until December 31, 2022. As Oilprice.com points out, if Russia decides to add crude oil or natural gas to its list of restricted products, Europe could be sent into an energy crisis, despite the recent support from the United States.