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) entailing the ownership to securities and real estate (may be also carried out at organized auctions upon obtaining Central Bank permits); and
• transfer of foreign currency to correspondent accounts in foreign banks, relevant to the above deals. - Non-affiliated foreigners handling securities and real estate transactions carried out after February 22, 2022 with foreigners affiliated with unfriendly states and credit organizations are also obliged to perform those transactions along the rules set forth in the Decree.
- The export of foreign currency in cash in an amount exceeding $ 10,000 is prohibited.
The restrictions do not apply to transactions with the Central Bank and Russian state bodies.
The restrictions come into force on March 2, 2022.
To date, the list of unfriendly states includes the United States and the Czech Republic, however, it will likely be amended in the coming days to include further states.
