Russian bans exports on key commodities
Russia has now hit back with equally harsh sanctions as this economic war escalates. Putin's March 8 decree allows for "special economic measures" until December 31, 2022, including curbs on imports and exports of goods and/or commodities to the countries to be determined by the Russian government within two days. Curbs on commodity exports from Russia could have devastating effects on global markets. Besides oil and gas, Russia accounts for about 40% of global palladium supplies, and is also a major supplier of nickel, aluminium, zinc, as well as wheat and corn. Russia is a major producer of the PGM (platinum group) metals, which are crucial in the production of catalytic converters and the batteries that power electric cars and so a ban on PGM and nickel exports could have a major impact on plans to develop the EV market .