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Russian President Vladimir Putin has signed a decree on retaliatory economic sanctions against the West.
The decree comes in response to “unfriendly actions by some foreign states and international organizations,” the Kremlin said on Tuesday. The document does not provide any details on which individuals or entities may be affected by the measures.
According to the decree, Russia will ban the export of products and raw materials to the people and entities it sanctions.
The decree also bans transactions with sanctioned foreign individuals and companies and allows Russian parties to default on their obligations. According to the decree, the Russian government has ten days to compile the lists of individuals and foreign companies that will be sanctioned.
The West has imposed tough economic and diplomatic sanctions on Russia since launching its unprovoked invasion of Ukraine on February 24.
Among other things, Western countries have frozen the assets of the Russian Central Bank, blocked several Russian banks from the SWIFT payment system, closed airspace to Russian aircraft, and frozen the assets of over 1,000 individuals, including Kremlin officials and oligarchs. The United States has also banned the import of Russian oil and gas./REL
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