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, 2022
- Russian residents are prohibited from lending to foreigners in foreign currency
- Russian residents will not be able to put foreign currency on their accounts and deposits in foreign banks
- Russian residents will not be able to transfer funds to foreign banks without opening a bank account using electronic means of payment provided by foreign providers of payment services
The ban comes into force on March 1, 2022.
Also, public companies are allowed to purchase their outstanding shares until December 31, 2022 provided that:
- The acquired shares are admitted to organized trading
- The weighted average price of the acquired shares determined for any three months beginning February 1, 2022 decreased by 20 % or more from the weighted average price of such shares determined for three months beginning January 1, 2021
- The value of the main stock market index calculated by the stock market maker for any three months starting from February 1, 2022 decreased by 20% or more from the value of such index calculated by the stock market maker for three months starting from January 1, 2021
- Shares are to be purchased through organized trading based on the applications addressed to an unlimited number of bidders
- Acquisition of shares is executed by the broker on the instructions of a public company
- A Board of Directors of a public company has made a decision to acquire the shares in compliance with the requirements of this decree
The decree authorizes banks to open a bank account for individuals without their personal presence when these individuals transfer funds from their bank account opened in one bank to another bank.
