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 , published on the official Internet portal of legal information, states that the decree was adopted “in connection with the unfriendly and contrary to international law actions of the United States of America and foreign states and international organizations that have joined them” aimed at depriving or restricting the property rights of the Russian Federation , Russian citizens and legal entities.
The decree prohibits:
- Russian authorities (from federal to local self-government bodies), organizations and citizens to make transactions with legal entities and individuals “in respect of which special economic measures are applied.”
- Fulfill obligations to persons under sanctions under completed transactions, if such obligations are not fulfilled or are not fulfilled in full;
- Carry out financial transactions, the beneficiaries of which are persons under sanctions.
It also introduces a ban on the export outside the territory of the Russian Federation of products and raw materials produced in the country, if such supplies are carried out by persons under sanctions, or in their favor.
The list of persons and organizations “in respect of which special economic measures are applied” will have to be developed by the government within ten days.
Also, the Cabinet of Ministers within 10 days will determine additional criteria for “classifying transactions as transactions, the execution of which and the fulfillment of obligations under which are prohibited.”