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Updated May 3rd, 2022 at 17:59 IST

Putin signs decree imposing retaliatory economic measures against hostile states

President of Russia, Vladimir Putin signed a decree on Tuesday imposing retaliatory economic sanctions in response to unfriendly activities of certain states.

Reported by: Rohit Ranjan
Putin
Image: AP | Image:self
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As Western countries have imposed harsh sanctions against the Russian Federation amid ongoing war, the President of Russia, Vladimir Putin signed a decree on Tuesday imposing retaliatory economic sanctions in response to "unfriendly activities of certain foreign states and international organizations," as the Kremlin suggests. The relevant document is available on the official legal information portal.

The decree suggests that these measures are being taken to protect the country's national interests 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 illegally restricting or depriving the Russian Federation, its citizens and Russian legal entities of the right to property.

Authorities, companies and individuals, were all told that from the date of entry into force of this Decree, special economic measures shall apply to certain legal entities, individuals and organizations under their control. The Decree takes effect on the day it is published in the official publication and remains in effect until the special economic measures it establishes are repealed.

The decree is also against transactions with those who are sanctioned

It also suggests that state authorities at all levels, as well as organizations and individuals under Russian Federation jurisdiction, are prohibited from making transactions with legal entities, individuals and organizations under their control, according to TASS. The Decree is also against the financial transactions with those who are sanctioned. Furthermore, a restriction has been imposed on the export of items or raw materials manufactured or extracted in the Russian Federation, given that they are supplied in favour of people subject to sanctions. 

The government has been given 10 days to approve the list of sanctioned individuals

The Russian Federation's government has been given 10 days to approve the list of sanctioned individuals and to come up with new criteria for defining transactions, according to TASS. Simultaneously, the Russian Federation's Ministry of Finance and Central Bank will be granted the authority to provide official clarifications on the decree's application, with the exception of the rule on financial transactions, which will benefit people in the Russian Federation who are subject to sanctions.

Image: AP

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Published May 3rd, 2022 at 17:59 IST

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