Russia bans 61 Americans – mostly heads of major tech companies

According to Russian media reports, the Russian Ministry of Foreign Affairs recently announced sanctions against 61 American citizens, mainly the heads of major American technology companies. The President and CEO of AMD, Lisa Su is on top of the list. There is a permanent ban on all the names on the list and they can not enter Russia for any reason. The Russian side stated that the relevant sanctions were imposed “in response to the expanding US sanctions on Russian public figures and representatives of domestic companies.”

Read Also: Russia bans the export of inert gases such as neon and helium

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During the Russia-Ukraine conflict, AMD announced in March that it would withdraw from the Russian market and stop shipping products. Although Intel and Nvidia have taken similar measures, the heads of the two companies are not on the ban list.

Russia is just one country and a ban on entry into Russia shouldn’t be much of a big deal. However, the Russian side clearly explains that it doesn’t expect it to be a big deal. Russia is only responding to the actions of the U.S. on its elites.

The U.S. believes that most Russian billionaires are “Oligarchs”. In fact, many Americans believe that you can’t be a billionaire in Russia without having ties to the Putin administration. Even though this is not entirely true, the U.S. and its allies have been banning Russian billionaires and even ceasing or forcing them to sell their properties. It is, therefore, safe to assume that if any American owns a significant investment in Russia, they should just kiss it goodbye.

Russia to exempt import duties on tech equipment

Russian Prime Minister claims that the country will exempt import tariffs on technical equipment. In addition, it will simplify the import process of computers, smartphones, and tablets. Back in April this year, the current inventory of imported electronic products and components in the Russian retail market can be sold for 8 to 9 months. Due to the embargo on Russia, the country may face a shortage of electronic products this winter.

Domestic distributors of consumer electronic products such as mobile phones and laptops in Russia have sufficient inventory. However, the supply of home appliances and their components has been relatively tight.

Since the start of the crisis between Russia and Ukraine, there have been irregularities in the supply chain. While Ukraine is struggling to keep its territories safe from the Russian army, Russia is facing its own troubles. There have been numerous bans and restrictions on Russia. This is affecting the supply chain in the country and this is why it needs urgent measures. Exempting import duties on tech equipment is one such measure.

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