Putin orders retaliatory economic sanctions on unfriendly entities and countries

In a statement on Tuesday, the Kremlin said, Russian President Vladimir Putin has signed a decree on retaliatory economic sanctions in response to “unfriendly actions of certain foreign states and international organisations”.

The kremlin did not shed light on which individuals or entities may be affected by its measures.

The decree states that Russia will ban the export of products and raw materials to people and entities that have been sanctioned. It prohibits transactions with foreign individuals and companies that it has sanctioned and permits Russian counterparties to not fulfil obligations towards them.

Under the decree, the Russian government has 10 days to compile lists of foreign individuals and companies which will be sanctioned, as well as to define “additional criteria” for a number of transactions that could be subject to trade restrictions.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy

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