WORLD HISTORY

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POST COLD WAR WORLD

INTEGRATION OF EUROPE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
In response to Russia’s invasion of Ukraine in 2015, many European nations enacted sanctions against the agricultural sector of Russia. Under the sanctions, no European nations can trade with Russia for agricultural resources. What is the BEST description of these sanctions as an economic barrier to trade?
A
The sanctions are subsidies.
B
The sanctions are tariffs.
C
The sanctions are a quota.
D
The sanctions are an embargo.
Explanation: 

Detailed explanation-1: -Export and Import Restrictions. President Biden prohibited the export to Russia of U.S. dollar-denominated bank notes and luxury goods, and has prohibited the import from Russia of various products, including crude oil and petroleum products, coal, nonindustrial diamonds, seafood, and alcoholic beverages.

Detailed explanation-2: -On September 2, 2022, the G7 group of nations agreed to cap the price of Russian oil in order to reduce Russia’s ability to finance its war with Ukraine without further increasing inflation. Joined by the European Union and Australia, the sanctions come into effect on 5 December 2022.

Detailed explanation-3: -The United States and its allies have imposed sweeping sanctions, export controls, and other measures following the start of Russia’s war against Ukraine. Since February 2022, Treasury has implemented more than 2, 500 sanctions in response to Russia’s war of choice.

Detailed explanation-4: -Trade sanctions adopted in 2014 The Regulations cited above amend Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, which was introduced in response to Russia’s illegal annexation of Crimea.

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