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Putin orders retaliatory sanctions against West

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Russian President Vladimir Putin has signed a decree on retaliatory economic sanctions in response to the “unfriendly actions of certain foreign states and international organizations”, the Kremlin said on Tuesday, according to Reuters.

The document does not provide any details of which individuals or entities may be affected by the measures.

According to the decree, Russia will forbid the export of products and raw materials to people and entities that it has sanctioned.

The decree also prohibits transactions with foreign individuals and companies hit by Russia’s retaliatory sanctions, and permits Russian counterparties not to fulfill obligations towards them.

Under the decree, the Russian government has 10 days to compile lists of foreign individuals and companies to be sanctioned, as well as to define “additional criteria” for a number of transactions that could be subject to restrictions.