Counter sanctions by Russia as peace talks fail

RUSSIA / FSU POLITICS - In Brief 10 Mar 2022 by Alex Teddy
On March 10 talks in Turkey between Ukraine and Russia ended in no agreement. Russia repeated its demand that Ukraine rule out ever joining NATO and the EU.On March 10 Russia announced counter sanctions. Russia will not sell timber, vehicles, electrical goods, or telecommunications equipment. Foreign companies that rely on parts made in Russia shall not receive them: parts of trains and cars. The export ban will last until the end of 2022 at least. None of these exports are vital to the 48 sanctioning countries. They can easily be sourced elsewhere. The export ban will hurt Russia more than the sanctioning countries. Russia will also limit the number of ships from sanctioning countries that can dock in Russia.Goldman Sachs has withdrawn from Russia as has McDonald's, Caterpillar and Western Union. Tens of thousands of Russians will lose their jobs as these foreign firms are withdrawing. Russia is working on laws to nationalize the assets of foreign companies leaving Russia. Former President Medvedev said foreign companies are creating panic.Russia is due to pay USD 700 million of debt in March 2022. J P Morgan says Russia will not be able to pay. Countries are given an additional 30 days to pay and it is unlikely that Russia will be able to pay in April either.

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