Dive Brief:

• Russia will suspend exports of medical and tech equipment as part of a wide-ranging export ban according to an order issued Thursday.
• The country will ban exports of over 200 products, including vehicles, agricultural machinery, electric equipment and "technological, telecommunication and medical equipment," the government said.
• The sanctions will last until the end of 2022, according to the order. The country will also suspend exports of certain timber products to "states that are undertaking hostile actions against Russia," according to the announcement.

Dive Insight:

Russia's export ban comes just days after the U.S. said it would halt oil and energy imports and countries in Europe announced their own sanctions aimed at the financial sector.

Russia has yet to detail the full list of products subject to sanctions, and Thursday's order said restrictions on exports are "necessary to maintain stability on the Russian market." The ban affects all countries except the group of ex-Soviet countries that make up the Eurasian Economic Union.

The U.S. imported $16.8 billion worth of goods from Russia in 2020 — a 24.3% decline from the prior year, according to a report from the U.S. Bureau of Industry and Security's Office of Technology Evaluation.

The majority of goods imported from Russia are minerals, primarily made up of mineral fuels such as coal, petroleum and natural gas. These mineral fuels made up $13 billion worth of imports in 2019, according to a report from the Office of the United States Trade Representative.

The U.S. also relies on Russia for precious metals such as platinum, which are used to make catalytic converters in vehicles and are essential to components in pacemakers and other medical devices. Russia's export decree did not specify which commodities, if any, would be subject to sanctions.

The U.S. could take even more steps to squeeze Russia financially. Days after President Joe Biden announced the ban on energy imports, the U.S. House of Representatives overwhelmingly approved a measure with several steps to increase pressure on Russia.

In addition to oil sanctions, the bill would spur a review of Russia's access to the World Trade Organization and strengthen the president's ability to impose sanctions over human rights abuses, according to a letter from House Speaker Nancy Pelosi. The proposal still needs approval from the Senate.