With presidential decree, Putin orders revenge against Western sanctions

Today, Tuesday, Russian President Vladimir Putin issued a decree ordering Russia to stop exporting products and materials prime towards entity in countries that have imposed sanctions on Russia and to ban relations with persons and entities that have been sanctioned by Moscow.

It was not immediately clear how wide the application of the decree was, which seems to lead to a blocking of trade between one of the world’s largest producers of natural resources and the West.

“The decree of the President of the Russian Federation on the application of special economic measures of retaliation in in relation to the hostile actions of some foreign countries and international organizations “, according to a translation of the” Reuters “agency, said the recognition of the Russian president” in connection with hostile measures – contrary to international law – taken by the United States, foreign countries and international organizations that join it, aiming illegally to deprive the Russian Federation, its citizens and Russian legal persons of property rights or to limit their property rights, and in order to protect the national interests of the Russian Federation e in compliance with the federal law of December 30, 2006, n. 281-FZ on special economic measures and mandatory measures “, which:

– “Federal state authorities, authorities of constituent bodies of the Russian Federation, other government bodies, local self-government bodies, organizations and individuals under the jurisdiction of the Russian Federation are prohibited from conducting transactions (including the conclusion of foreign trade contracts) with legal entities, individuals and entities subject to sanctions to which special economic measures are applied.

It is also forbidden to carry out financial transactions in to which the beneficiaries are subject to sanctions.

Prohibition of exports outside the territory of the Russian Federation of products and (or) materials primeproduced in the territory of the Russian Federation, in so that such products and (or) materials prime are provided for the benefit of the sanctioned persons.

The decree also provided that the government of the Russian Federation would ratify, within 10 days, the list of sanctioned persons.

Interestingly, the Russian president has signed a law banning Russian banks from sending information about their customers and their transactions to relevant authorities in countries that impose sanctions on Russia, its citizens or organizations, as well as a law to abolish the simplified issuing of visas for certain categories of citizens of European countries.

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