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More Sanctions from the US and Allies

On March 15, 2022, several countries banded together to insist that the World Trade Organization (WTO) revoke Russia’s “most favored nation” status, echoing a previous call from G7 nations. Demands were also made to prevent Belarus, a prominent Russian ally in the Ukrainian invasion, from being granted membership within the WTO; on March 23, the Belarusian WTO application was denied.

Outside of the WTO, Australia has been working in close cooperation with international partners to increase pressure on all oligarchs close to Vladimir Putin due to the invasion of Ukraine, and issued sanctions that directly affect 443 high-level Russian figures. The Australian government has explicitly encouraged Australian companies to take a similarly moral stand, and distance their businesses from Russia. A prohibition on aluminum and bauxite exports to Russia was also implemented, which figures to be a significant hurdle for the Russian aluminum industry, given that Australia supplies close to 20% of their imports. Since alumina ores are barred as well, Russia’s ability to manufacture aluminum will be hindered to a large degree.

In addition to utilizing bans to thwart the Russian economy, Australian has made efforts to bolster the Ukrainian resistance by supplying thermal coal, a critical resource for Ukraine’s fledgling energy sector. Poland, a vulnerable country given its shared border with Russian ally Belarus, has also requested immediate coal assistance from Australia in order to wean itself away from dependence on Russian-sourced fuel, however this entreaty has yet to be granted.

Japan has been taking steps to hamper the Russian economy as well, most notably by freezing the assets of prominent Russian figures and imposing sanctions on Russian and Belarusian banks. Tokyo further indicated it would widen a current Russian export ban to include 31 items such as semiconductors, communication equipment, sensors, and radars. Under the context of the Russian invasion, Japanese Foreign Minister Yoshimasa Hayashi pledged to press Japan’s case to become a permanent member of the UN Security Council, and cited Russia’s currently permanent status as a pretext for reforming the current state of the diplomatic body.

Most recently, Switzerland and the United States have initiated further sanctions against Russia. On March 24, the United States issued sanctions on a multitude of Russian defense corporations as well as hundreds of members of the Russia’s parliamentary body, while Switzerland froze nearly CHF 6 billion in Russian assets.

Allyn International will continue to monitor these sanctions.  If you have any questions about how these sanctions may affect your imports or exports, please contact Allyn at sales@allynintl.com.

Contributor: Jennifer Nowicki


About Allyn International

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com

 

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