03:24 GMT24 February 2020
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    The response to the Ukrainian sanctions includes the freezing of Ukrainian-owned cash, securities and property in Russia and a ban on the withdrawal of capital from Russia, the press service of the Russian government said.

    On Thursday, Russian Prime Minister Dmitry Medvedev signed a government decree on measures to implement the presidential decree "On the use of special economic measures in connection with the unfriendly actions of Ukraine against citizens and legal entities of Russia."

    READ MORE: EU Prolongs Sanctions Against Russia "Over Ukrainian Conflict" by 6 Months

    "The signed decree introduces special economic measures in relation to individuals and legal entities of Ukraine, providing for the (freezing) of non-cash funds, certain securities and property in Russia as well as a ban on the transfer of funds (withdrawal of capital) outside Russia," the statement said.

    The response to Kiev's sanctions will affect Ukraine's Interior Minister Arsen Avakov and the Speaker of the Verkhovna Rada Andrei Parubiya; the corresponding document is available on the website of the Cabinet.

    "The decree is aimed at countering Ukraine's unfriendly actions against Russian citizens and legal entities and at normalizing bilateral relations," the statement said.

    According to the decree, 322 individuals and 68 businesses were affected, including President Petro Poroshenko's son and former prime minister Yulia Tymoshenko.

    The Russian cabinet has the right to revoke the sanctions if Ukraine cancels its economic restrictions against Russian individuals and entities, according to the press service.Dmitry Medvedev has instructed the Trade and Industry Ministry and Economic Development Ministry to prevent any negative impact of anti-Ukrainian sanctions on Russian companies, according to the decree released by the Russian Cabinet on Thursday.

    "The Ministry of Industry and Trade of the Russian Federation and the Ministry of Economic Development of the Russian Federation should ensure the balance of commodity markets and the prevention of the negative impact of special economic measures… on the activities of Russian entities," the document read.

    The government also mandated the Russian Finance Ministry to amend the list of Ukrainian individuals and entities targeted by the sanctions.

    In October, Russian President Vladimir Putin has signed a decree to introduce special economic measures against Ukrainian individuals and entities as a response to Kiev's unfriendly actions toward Russian nationals.

    In 2017, Ukrainian President Petro Poroshenko enacted the decision of the National Security and Defense Council of Ukraine to expand the list of sanctioned Russian individuals and legal entities, including Russian banks and IT companies, and to extend the duration of these sanctions.


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