Russia institutes 1-year ban on agricultural products in retaliation for Western sanctions

The government of Russia is contemplating a wave of measures as payback for sanctions imposed by the United States and European Union over Russia's interference and support for rebels in eastern Ukraine.

Russia Today reports that the measures include a blanket ban on food, agricultural products, and raw materials from countries that have sanctioned Russia. A more detailed list of products affected by the ban could be available as early as Thursday, August 6.

The ban is in place for one year.

The sanctioned products could include fruits, vegetables and meats. A spokesperson for the Kremlin said that exceptions to the ban would be wine and baby food. A different government official told RT that the products most likely to be affected are dairy and meat.

Governments in the West have sanctioned various businesses in the Russian financial, oil, and defense industries. The sanctions also included travel bans and asset freezes for individuals deemed to be highly influential in the events in eastern Ukraine.

DW.de reports that another retaliatory measure under consideration by the Kremlin includes the banning of European aircraft from Russian airspace. This would create an opening for Asian airlines, and possibly cost European firms billions of dollars.

A different RT report suggests that Russia is already adjusting to a world in which sanctions may be the new norm.

The governments of Iran and Russia have signed a five-year memorandum of understanding. This is the first step in building long-term agreements valued at billions of dollars. It also opens the door to the Russian purchase of 500,000 barrels of Iranian oil a day.

Additonally, it opens the door to an increase in the trade of other goods such agricultural products, construction materials, heavy machinery, and metals.

Russian and Iranian trade is currently worth around $5 billion annually.