Prohibition on import/export of certain goods On March 8, 2022, the President of the Russian Federation signed an Executive Order, which prohibits the import and export of products and raw materials from the country according to the lists determined by the Russian Federal Government. According to the Executive Order, the ban and restrictions on the import and export of products and raw materials are applied “in order to ensure the security of the Russian Federation…

Russian President Vladimir Putin has signed a decree on economic measures against the US, other countries and international organizations who have imposed sanctions on Russia (and are therefore treated by the Russian authorities as unfriendly states). In summary, the new Russian retaliatory measures include the following: The following transactions with foreigners affiliated with unfriendly states may be carried out only upon obtaining governmental permits• lending to foreigners (in rubles), except otherwise prohibited transactions;• transactions (operations)…

On February 28, 2022, Russian civil aviation authority (“Rosaviation”) in response to the European states’ ban on flights of civil aircraft operated by Russian air carriers and/or registered in Russia imposed a restriction on flights of air carriers of 36 states. The ban covers aircrafts registered in the following states: AustriaAlbaniaAnguillaBelgiumBulgariaBritish Virgin IslandsGreat BritainHungaryGermanyGibraltarGreeceDenmarkGreenlandFaroe IslandsJerseyIrelandIcelandSpainItalyCanadaCyprusLatviaLithuaniaLuxembourgMaltaNetherlandsNorwayPolandPortugalRomaniaSlovakiaSloveniaFinlandFranceCroatiaCzech RepublicSwedenEstonia

Russian President Vladimir Putin signed a decree on retaliatory economic measures against the US and other countries affiliated with them in connection with Western sanctions imposed on Russia. In brief, the new Russian retaliatory measures include the following: Russian exporters starting from February 28, 2022 are obliged to sell 80 % of foreign currency received from foreign trade contracts and obliged to sell 80 % of foreign currency credited from January 1, 2022Russian residents are…