I tested in my environment Outlook 365 Version 2007 Bulid 13029.20308 and can successfully disable the Import/Export button like below via the following steps:
- Download Administrative Template files and copy files in ADMX folder to C:\Windows\PolicyDefinitions on your computer
- Open your Group Policy Editor
- Navigate to: User Configuration>Administrative Templates>Microsoft Outlook 2016>Disable Items in User Interface>Custom>Disable command bar buttons and menu items
- Enable this option and add command ID (2577)
Besides, you could also prevent users from dragging and droping emails or other Outlook items to PST file manually via enable options like below
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