Russia, which has faced sanctions from the West since it invaded Ukraine, has responded by banning exports from its territory until the end of 2022.
Due to the Russian sanctions, exports of telecommunications, medicine, vehicles, agriculture, and electrical equipment, as well as some forest products such as timber, will be banned.
Russia’s finance ministry said further sanctions could include banning foreign ships at Russian ports.
“This measure is a logical response to the sanctions imposed on Russia,” he said.
Russia says sanctions imposed on “non-friendly” countries are aimed at “ensuring the smooth functioning of key sectors of the economy”.
Russia’s export ban includes more than 200 products and will remain in place until the end of this year.
The West has banned the purchase of Russian oil in particular.
They have also focused on sanctions against Russian billionaires close to President Vladimir Putin.
Russia’s export sanctions will affect about 48 countries, including the United States and the European Union.
The Russian order states that Georgia’s breakaway regions of South Ossetia and Abkhazia and members of the Russian-led Eurasian Economic Union could be granted export exemptions.
Prime Minister Mikhail Mishustin said the ban would also include exports of goods made by foreign companies operating in Russia.
Such items include car and train containers.
The government’s decision comes after former Russian President Dmitry Medvedev warned that the assets owned by Western companies outside Russia could be nationalized.
Large multinational companies in the industrial and mineral sectors are now blocking collective investment in Russia.
A law passed by Moscow on Wednesday is said to be the first step towards nationalizing the assets of foreign companies leaving the country.
In a statement issued on Thursday, Medvedev said, “The Russian government is already working on some measures, including the nationalization of the assets of foreign companies.”
“Foreign companies need to understand that it will be difficult for them to return to our market.”
He also accused foreign investors of creating “panic” among ordinary Russian citizens.