The Kremlin announced on Tuesday that Russian President Vladimir Putin had signed a decree imposing punitive economic penalties in response to ‘unfriendly activities of certain foreign states and international organisations.’
The text does not specify which individuals or entities would be impacted by the measures.
Russia would prohibit the shipment of products and raw materials to people and businesses that it has sanctioned, according to the legislation.
The directive also outlaws dealings with foreign individuals and firms targeted by Russia’s retaliatory sanctions, as well as allowing Russian counterparties to default on their obligations.
The Russian government has 10 days to establish a list of foreign individuals and firms that will be sanctioned, as well as define ‘additional criteria’ for a number of transactions that may be restricted, according to the order.
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