Russian Import Bans.How it may affect Australian exporters.

Russia’s latest trade sanctions – in retaliation to Western sanctions against Russia – will affect up to $400m in direct exports – but may have more far reaching impacts on Australian business.

It is often said that strong economic bonds prevent wars. And so it is that when countries are emerging from years of isolation, it is often their economies that show the first signs of engagement with the outside world. Myanmar is perhaps the best recent case in point.

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Conversely, when the political situation deteriorates, it is often the economic relationships that are first to collapse.

So now to Russia, which has announced overnight its intention to place a one year ban on agricultural exports from Australia, the EU, Canada and the US. This is in response to trade sanctions imposed on Russia targeting individuals and firms connected with the Russian leadership.