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Maine’s minimal commerce with Russia, which fell sharply in 2020 because the COVID-19 pandemic took maintain however started recovering final 12 months, is about to change into even smaller with new sanctions introduced by President Joe Biden Friday.
The state’s commerce with Russia is lower than 1 p.c of its whole imports and exports with all nations, so any sanctions in opposition to Russia for invading Ukraine is not going to have main results on the provision of products. However commerce consultants stated new limits may additional improve costs, together with for oil, the dominant commodity traded between Maine and Russia.
The state imported $43.3 million in petroleum oils from Russia in 2021, up from a pandemic falloff of $7.3 million in 2020 and up from the pre-pandemic stage of $32.2 million in 2019. Oil accounted for almost the entire $45.8 million in Russian items despatched to Maine final 12 months.
The import ban is predicted to chop these off, however these imports had been slightly below 2 p.c of the just about $2.3 billion in oil Maine imported in 2021. That’s properly beneath the 8 p.c of oil and refined merchandise despatched to the U.S. by Russia in 2021, based on federal information. Russian oil is most essential in Hawaii, Alaska and the West Coast.
Biden banned imports of oil, fuel and coal merchandise from Russia on Tuesday. He broadened the import ban on Friday to seafood, vodka and diamonds and stated he’ll revoke Russia’s “most favored nation” buying and selling standing, which implies it traded on probably the most favorable phrases.
Gov. Janet Mills requested regulators to ban Russian vodka gross sales in Maine final week, following the lead of different states, together with New Hampshire. Regulators delisted Russian-made spirits on Tuesday, a ban that will likely be largely symbolic, since solely two manufacturers of Russian vodka have been lately bought right here.
The brand new sanctions may additionally have an effect on Maine customers as a result of in 2021 the state imported greater than $630,000 in crabs and fish, together with pollock and cod. Any shortages might trigger worth will increase.
Maine’s lobster and different fishing industries is not going to be affected by the elevated pressure as a result of Russia has prohibited U.S. seafood imports since 2014 in response to sanctions imposed by the U.S. and its allies following Russia’s 2014 invasion of the Crimean Peninsula in Ukraine.
Maine’s imports from Russia have been irregular, however they fell sharply early within the pandemic from $22.4 million in 2019 to $10.5 million in 2020 earlier than rebounding in 2021. Apart from oil, nitrogen fertilizers, crustaceans and fish, iron alloys and titanium topped the record of Russian imports.
Exports from Maine to Russia are small at $1.2 million in 2021. Medical devices topped the record at almost $200,000 in worth, adopted by electrical machines, paper packaging, automobile elements and equipment and dwell animals. The Jackson Laboratory in Bar Harbor, which breeds mice for analysis, stated it’s “at present not fulfilling orders for mice and providers from establishments in Russia.”
Commerce information for the reason that struggle started isn’t but obtainable to see the outcomes of the sanctions.
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