Russian President Vladimir Putin will ban certain commodity and raw material exports, according to a decree from Moscow on Tuesday, The Wall Street Journal reported.
The Russian cabinet will determine what specific commodities will be included in the ban, with Putin giving it two days to formulate a list, the WSJ reported. The ban will be in effect until Dec. 31, according to the decree.
The goal of the ban is to ensure “the security of the Russian Federation and the uninterrupted functioning of industry,” according to the decree, the WSJ reported. The Biden administration announced earlier on Tuesday it would ban U.S. imports of Russian energy in response to Russia’s ongoing invasion of Ukraine.
“That means Russian oil will no longer be accepted at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine,” President Joe Biden said from the White House Tuesday. “This is a move that has strong bipartisan support in Congress and, I believe, in the country.”
The president said the move targets “the main artery of Russia’s economy,” stating the U.S. “will not be part of subsidizing [Russian President Vladimir] Putin’s war.”
Russia is the third-largest oil producer in the world and oil prices rose after Putin’s decree, the WSJ reported. It is also a major supplier of grains and metals such as aluminum, nickel and palladium.
The London Metal Exchange (LME) suspended trading of nickel, the key critical mineral that is needed for electric vehicle manufacturing, on Tuesday after prices surged to record highs.