Industry News

Russia Imposes New Sanctions

August 8, 2014

    On August 6, 2014, Russian President Vladimir Putin signed an executive order to block imports from countries that have sanctioned Russian goods.  In a speech by Prime Minister Dmitry Medvedev on August 7th, he explained that Russia would bar “beef, pork, fruits and vegetables, poultry, fish, cheese, milk and dairy products from the European Union, the United States, Australia, Canada and the Kingdom of Norway.”  The ban is set for one year unless the sanctioned countries “display a constructive approach towards cooperation.”

    Prime Minister Medvedev also discussed other potential sanctions, such as placing restrictions on air flights over Russian territory, while also altering the airspace entry and exit points.  The country may block trans-Siberian routes to the United States, while also “revis[ing] the rules of using the trans-Siberian routes.”

    Russia's sanctions are in response to those imposed by the United States and the European Union for the conflict Russia has created in Ukraine.

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