Russian President Vladimir Putin recently signed a decree for extending Moscow's embargo on food products being imported from the European Union (EU) to the end of 2020.
a. European Union (EU)
b. United States
c. Japan
d. Australia
Details:
- This decision was in continuation of Russia's retaliation against sanctions over Ukraine.
- A decree signed by President Vladimir Putin posted on Moscow's official government website, reads that ban on produce, dairy, meat and most other foods imported from the EU will now stretch to December 31st, 2020.
A look into the background:
- In 2014, following the international sanctions imposed by the United States and other countries over Russia for its annexation of Crimea and support of east Ukraine's separatists, Moscow in August 2014 imposed counter sanctions on most food imports from the European Union, the US and several other countries.
- The international restrictions were primarily targeted at finance, energy and defence sectors of the Russian economy.
- Recently on 20th June 2019, the EU further extended its punishing economic sanctions against Russia (over the conflict in Ukraine) for a further 6 months period.
Result of the Sanctions:
- The Western economic restrictions being faced by Russia as well as the country's own embargo have affected the Russian economy by pushing up food prices.
- Western sanctions have deprived the Russian economy of $50 billion, on the other hand, the EU has lost $240 billion.
- Russia has now managed to benefit from Western economic pressure as it has started phasing out its imports and replacing them with domestically made products, even in sectors in which Moscow did not have any experience, thus giving a boost to domestic producers.
Question:
Q. Russian President Vladimir Putin recently signed a decree for extending Moscow's embargo on food products being imported from where to the end of 2020?a. European Union (EU)
b. United States
c. Japan
d. Australia
