Since the start of the Russian invasion into Ukraine, the EU and the UK have enforced sanctions. Member states of the EU applied them to their national regulations, for example, the Netherlands halted all shipments bound for Russia to verify whether the goods would fall under the sanctions. This resulted in a complete trade stop to Russia no matter the type of commodity. The agencies that control the export licenses for dual-use and military goods started to withdraw export licenses issued to traders in the EU and UK.
The imposed sanctions include prohibitions in the finance and trade sector. For instance, prohibitions are put in place on public financing for investment or trade with Russia including for new investments in the energy industry. Trade in arms and exports of all dual-use goods and technology items have been prohibited as well. Other prohibitions in trade include export of goods relating to the oil sector, maritime navigation, and luxury goods as well as import prohibitions for iron and steel from Russia.
Also other countries have imposed sanctions and restrictions against Russia, such as Australia, New Zealand, Japan, Taiwan, Singapore, and the US. Poldertrade recommends businesses to be cognisant of the imposed sanctions and additional export controls to ensure compliance as well as minimising operational and reputational risks.
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