ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -On 21 July 2022, the Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 amended the Russia Sanctions Regulations. This amendment prohibits the import of oil and oil products, coal and coal products and gold as well as the acquisition, supply and delivery, directly or indirectly of these goods.

Detailed explanation-2: -Exports on certain goods and services, including dollar-denominated banknotes, accounting, management consulting, quantum computing, and trust and corporate formation services to persons located in the Russian Federation are now prohibited.

Detailed explanation-3: -Russia banned wine imports from both Moldova and Georgia in 2005, saying much of it was dangerous to consumers. Moldova denounced the ban as punishment to both countries for their attempts to move closer to Europe.

Detailed explanation-4: -In the 18th century, the territory of Moldavia often became a transit or war zone during conflicts between the Ottomans, Austrians, and Russians. In 1774, following a victory in a war against the Ottomans, Russia occupied Christian Moldavia, still a vassal of the Ottoman Empire at the time.