Putin signs decree on Russia’s new retaliatory sanctions
The document forbids fulfilling obligations and entering into contracts with foreign individuals and legal entities as a result of retaliatory restrictive measures.
Russian President Vladimir Putin signed a decree authorizing the use of new special tit-for-tat economic measures in response to hostile activities by certain foreign nations and international organizations.
The document, in particular, forbids fulfilling obligations and finalizing deals with foreign persons and legal organizations under retaliatory restrictive measures, as well as exporting raw materials and goods from Russia for the benefit of these individuals.
According to the decree, these measures are taken to protect Russia’s national interests "due to unfriendly actions which contradict international law by the United States of America and foreign states and international organizations that joined them directed at illegitimately depriving the Russian Federation, the citizens of the Russian Federation and Russian legal entities of property right and restricting their property right."
The Russian government was given ten days to approve a list of individuals sanctioned by Russia and to establish further criteria for dealings and obligations to be classified as prohibited in accordance with this regulation.
Except for the regulations on financial transactions that benefit people subject to Russian sanctions, the Finance Ministry and Russia's Central Bank will have the authority to issue official clarifications on the application of this order.
Earlier today, according to geostrategist and the author Brahma Chellaney, the Western sanctions against Russia are a trap.
Sanctions and escalating war boost global commodity and energy prices, resulting in more income for Moscow despite a considerable fall in exports. And, by stoking inflation, higher overseas prices spell political difficulty at home for those behind the sanctions.
Chellaney argues that uncontrolled inflation and supply-chain disruptions are endangering Western business earnings, while interest-rate rises to combat inflation exacerbate an already dire position for consumers. April became Wall Street's worst month since the pandemic-caused March 2020 fall.