Russian President Putin signs decree on special economic measures against US, allies
Feb 28, 2022
Moscow [Russia], February 28 : As the Russia-Ukraine conflict continues to evolve rapidly, President Vladimir Putin on Monday signed a decree on special economic measures against the US and its allies.
Putin signed a decree "On the application of special economic measures against the United States and countries that have joined them," Sputnik reported citing Kremlin press service.
Exporters must sell 80 per cent of foreign exchange earnings credited from 1 January 2022 and deposit them to their accounts in authorised banks within three working days, the Kremlin press service said, citing the decree.
"For residents participating in foreign economic activity to carry out the mandatory sale of foreign currency in the amount of 80 per cent of the amount of foreign currency credited starting from 1 January 2022 to their accounts in authorised banks on the basis of foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the provision of services to non-residents, performance of work for non-residents, transfer to non-residents of the results of intellectual activity, including exclusive rights to them, no later than three working days from the date this decree comes into force," according to the decree.
Earlier, Western countries initiated new sanctions against Moscow in connection with the Russian military operation in Ukraine.
"The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has prohibited any US person from conducting any transaction involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation," read a press statement of US Secretary of State Antony Blinken.
The US action will prohibit US dollar transactions with the Russian central bank and fully block the Russian direct investment fund.
"In addition, OFAC imposed blocking sanctions on the Russian Direct Investment Fund, a known slush fund for President Putin and his inner circle, two of its subsidiaries, and CEO Kirill Dmitriev," added the statement.
