The RF enacts a new Decree imposing retaliatory sanctions

The RF has enacted the Decree on the application of retaliatory sanctions against unfriendly countries and organizations.

The Decree prohibits state authorities, organizations, and persons under the jurisdiction of the Russian Federation from making transactions and fulfilling obligations to foreign legal entities and individuals that have fallen under retaliatory Russian sanctions (including obligations pursuant to existing contracts). Among other things, it is prohibited to carry out financial transactions, the beneficiaries of which are persons under sanctions. In addition, it is forbidden to export raw materials and products from Russia in favor of persons from the blacklist.

The list of persons subject to retaliatory sanctions by the Russian Federation will be approved by the Russian government within 10 days. During the same period, additional criteria for transactions prohibited due to retaliatory sanctions will be announced by the Central Bank.

The Decree came into force on 03^rd of May 2022, the full text of the document is available here.