Mikhail Mishustin, Russia’s Prime Minister, reportedly said that the government is planning to retaliate against countries that ban their vessels from entering their ports.
Mishustin also revealed steps Russia is undertaking to protect its domestic economy against international sanctions, according to a report from Reuters.
The Russian government is now “closely monitoring” prices of food, especially bread, with Putin having signed an order that banned the export of certain raw materials and goods.
PM Mishustin did not, however, specify how the government would be retaliating. Nevertheless, Putin had mentioned that the West’s support toward Ukraine by providing supplies to the country and introducing sanctions is akin to declaring war.
Moscow has also approved a list of countries and territories taking “unfriendly actions” against Russia, its companies and citizens in the wake of severe economic sanctions over the Ukraine conflict.
According to a government statement, the list includes:
- Albania
- Andorra
- Australia
- Great Britain, including Jersey, Anguilla, British Virgin Islands, Gibraltar
- All European Union member states
- Iceland
- Canada
- Liechtenstein
- Micronesia
- Monaco
- New Zealand
- Norway
- South Korea
- San Marino
- North Macedonia
- Singapore
- United States
- Ukraine
- Montenegro
- Switzerland
- Japan
- Taiwan.
- Al Jazeera
This comes as ICS warned that current supply chain will be negatively affected by a shortfall in the global shipping workforce due to the Russian invasion of Ukraine.
Of shipping’s total workforce, 198,123 (10.5%) of seafarers are Russian, of which 71,652 are officers and 126,471 are ratings. Ukraine accounts for 76,442 (4%) of seafarers of which 47,058 are officers and 29,383 are ratings. Combined they represent 14.5% of the global workforce.
Earlier, in a major move, U.S. President Joe Biden imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will increase U.S. energy prices.
The ban goes into effect immediately, but gives buyers 45 days to wind down existing contracts, a senior administration official told reporters.
According to Reuters, the move also bans new U.S. investment in Russia’s energy sector, and prohibits Americans from taking part in any foreign investments that flow into the Russian energy sector.
Furthermore, Shell stopped buying Russian crude, aiming to phase out its involvement in all Russian hydrocarbons from oil to natural gas over Ukraine.
Moreover, British rival BP said last month it was abandoning its 19.75% stake in Russian oil giant Rosneft in an move that could cost it up to $25 billion. In a similar mover, TotalEnergies stopped buying oil from Russia, although one of its landlocked refineries in Germany continued to receive Russian crude by pipeline.