Putin extends economic measures in response to sanctions against Russia

MOSCOW (TASS): Russian President Vladimir Putin signed a decree extending until December 31, 2022, the action of certain special economic measures against countries that have imposed sanctions on the Russian Federation. The document was published on Monday on the official portal of legal information.

“To extend from January 1 to December 31, 2022, the effect of certain special economic measures provided for by the decree of the President of the Russian Federation of August 6, 2014 No. 560 <…>”, the decree says. Previously, the counter-sanctions introduced in 2014 were extended until the end of 2021.

The Government of the Russian Federation was instructed to ensure the implementation of measures to implement the new decree and, if necessary, make proposals to change the period of validity of these counter-sanctions.

About counter-sanctions

In March 2014, in connection with the situation in Ukraine, the EU and some other countries, including Australia, Iceland, Canada, New Zealand, USA, Switz-erland, Japan, began to im-pose sanctions on the Rus-sian Federation. In particular, sanctions lists of Rus-sian individuals and legal entities have appeared. Re-strictive measures included a ban on entry, freezing of accounts. In addition, the so-called sectoral sanctions were introduced: the assets of the companies falling under them were not frozen, but restrictions were imposed on medium and long-term lending.

In response, in August 2014, Russian President Vladimir Putin signed a decree “On the Application of Certain Special Economic Measures to Ensure the Security of the Russian Federation.” The next day, on the basis of the document, the Russian government imposed a ban on the import of a number of food products from the United States, the European Union, Norway, Australia and Canada.

Subsequently, the parties have repeatedly extended mutual restrictions.

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