Putin signed a decree on new Russian response to sanctions

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The President instructed the Russian government to approve the list of persons under sanctions within 10 days. Transactions with them, export of raw materials or products in favor of these persons will be banned. jpg” alt=”Putin signed a decree on Russia's new retaliatory measures against sanctions” />

Vladimir Putin

Russian President Vladimir Putin signed a decree “On the application of retaliatory special economic measures in connection with the unfriendly actions of certain foreign states and international organizations”. The document is posted on the official Internet portal of legal information.

The decree states that the measures are introduced in order to protect the national interests of the country and in response to unfriendly and contrary to international law actions by the United States and its affiliated states aimed at “illegal deprivation” of or restriction of property rights by Russia, Russians and Russian legal entities.

According to the text of the decree, federal state authorities, state authorities of the constituent entities of the country, other state bodies, local governments, organizations and individuals under the jurisdiction of Russia , it is prohibited:

  • to make transactions (including the conclusion of foreign trade contracts) with persons under sanctions;
  • fulfill obligations to persons under sanctions under the transactions, if the obligations are not fulfilled or not fulfilled in full;
  • carry out financial transactions that benefit persons under sanctions. The Central Bank of Russia was given the right to give official clarifications on this issue.

It also introduces a ban on the export of products and raw materials outside Russia, the production and extraction of which are carried out in the country, in the event that they are supplied in favor of persons under sanctions, or persons under sanctions, — in favor of third parties.

Putin instructed the Russian government to approve the list of persons under sanctions within 10 days.

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The countries of America, Europe and Asia are introducing new sanctions against Russia since the end of February. For example, the EU, USA, Canada, Japan, and Australia imposed restrictions on Russian banks (including VTB and Sberbank), exports of high-tech products to Russia, the Central Bank, the Ministry of Finance, RDIF and large state corporations.

In addition, some countries have imposed sanctions personally against Putin, Foreign Minister Sergei Lavrov, Defense Minister Sergei Shoigu, members of the Russian Security Council and State Duma deputies.

The EU froze almost half of the Central Bank's gold and foreign exchange reserves, and also banned the import of coal from Russia. The US banned the import of Russian energy products, including crude oil.

Federation Council Speaker Valentina Matviyenko warned on February 25 that Russia was preparing a series of retaliatory sanctions. According to her, they will not be mirrored, but will hit the weak points of Western countries.

Russia adopted personal sanctions on March 15. He proposed a ban on entry into the country for US President Joe Biden, Secretary of State Anthony Blinken and other US politicians.

On March 21, Russia refused to continue negotiations with Japan on a peace treaty on the ownership of the Kuril Islands.

Later, Putin transferred payment for gas exports to “unfriendly countries” in rubles.

The director of the Department of Economic Cooperation of the Russian Foreign Ministry, Dmitry Birichevsky, said at the end of March that Moscow had practically not yet begun to use retaliatory measures against Western sanctions.

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