Putin Signs Decree on Special Economic Measures Against US, Allies

Earlier, Western countries initiated new sanctions against Moscow in connection with the Russian operation in Ukraine.

Russian President Vladimir Putin signed a decree "On the application of special economic measures against the United States and countries that have joined them," the Kremlin press service reported.

Exporters must sell 80 percent of foreign exchange earnings credited from 1 January 2022, 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 percent 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,” the decree says.

According to the decree, Russian residents are banned from transferring foreign currency to their accounts or deposits in foreign banks.

Banks are allowed to open accounts for individuals without a personal presence when transferring money from bank to bank, the decree says.

The decree comes into force from the date of publication.

Last Thursday, Russia launched a special operation in Ukraine, responding to calls for help from the Donetsk and Lugansk people's republics against the intensified aggression of Ukrainian troops.

In response to the operation, Western countries announced a new package of sanctions against Moscow. Kremlin spokesman Dmitry Peskov said that Russia had been preparing for the Western sanctions in advance.