President Vladimir Putin’s directive contains new sanctions-response measures

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Vladimir Putin signed a decree authorising the use of retaliatory economic measures in response to hostile foreign activities. The regulation was enacted to protect the Russian Federation’s national interests against unfriendly countries’ illegal restrictions. Also, some Russian citizens and official entities have been depriving people of their property rights.

Making transactions with foreign individuals and legal entities subject to retaliatory sanctions, as well as exporting raw materials and goods from Russia in favor of those subject to sanctions in the Russian Federation, are all prohibited by the decree. It also forbids financial transactions involving anyone who have been subjected to retaliatory sanctions.

The President directed the administration to compile a list of persons and legal companies that will face retaliatory measures within 10 days, as well as adopt additional criteria for transactions in relation to the new decree’s prohibited transactions. With few exclusions, the Ministry of Finance and the Central Bank will have the authority to give official clarifications on the application of this order. Retaliatory sanctions have already been levied by the Russian Federation.

A number of bills relating to congressman and senators from the United States and Canada were introduced in early April. Last Monday, Russia placed personal sanctions on 287 members of the UK parliament.

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