The measure, approved by Russian President Vladimir Putin and published the night before, is valid for the entire country and its companies, with the aim of enabling them to fulfill their obligations under credits, loans and financial instruments.
The decree states that the government will determine within two days the list of foreign countries that commit unfriendly acts against Russia, Russian legal entities and individuals.
According to the document, the measure will be applied to obligations amounting to 10 million rubles or more per month (or the equivalent of this amount in foreign currency at the exchange rate of the Central Bank of Russia).
Among the provisions, it was established that the Russian entity involved in this case may open an account in rubles in the name of a foreign creditor in a Russian bank to settle its obligations.
The Central Bank of Russia and the Ministry of Finance are also empowered to determine the various procedures for debtors to fulfill their obligations to creditors of unfriendly countries.
After the Russian president announced a military operation in Ukraine on February 24, the West tightened its economic sanctions against the Eurasian state.
The United States, United Kingdom, Canada, Japan, and European Union countries targeted key sectors of Russia’s trade, finance, energy, exports and aviation.
Unilateral actions have led to the disconnection of some banks from the international express payment system, the closure of European and other countries’ airspace to airlines, and the paralysis of the international reserves of the Russian Central Bank, among other sanctions.
Moscow issued presidential decrees prescribing economic measures to protect itself from foreign economic, financial and trade restrictions facing the country.
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