Putin signs decree on special economic measures against US, allies

RUSSIA: As the Russia-Ukraine conflict continues to evolve rapidly, President Vladimir Putin on Monday signed a decree on special economic measures against the US and its allies.

Putin signed a decree “On the application of special economic measures against the United States and countries that have joined them,” Sputnik reported citing Kremlin press service.

Exporters must sell 80 percent of foreign exchange earnings credited from January 1, 2022 and deposit them to their accounts in authorised banks within three working days, the Kremlin press service said, citing the decree.

“For residents participating in foreign economic activity to carry out the mandatory sale of foreign currency in the amount of 80 percent of the amount of foreign currency credited starting from 1 January 2022 to their accounts in authorised banks on the basis of foreign trade contracts concluded with non-residents and providing for the transfer of goods to non-residents, the provision of services to non-residents, performance of work for non-residents, transfer to non-residents of the results of intellectual activity, including exclusive rights to them, no later than three working days from the date this decree comes into force,” according to the decree.

Earlier, Western countries initiated new sanctions against Moscow in connection with the Russian military operation in Ukraine.

Meanwhile, Russian President Vladimir Putin has no assets abroad, the Kremlin said on Monday, dismissing as “absurd and short-sighted” the personal sanctions slapped on him by the US and its Western allies for ordering a full-fledged military offensive against Ukraine.

President Putin has no assets abroad, Russia’s state-run TASS news agency quoted his spokesman as saying.

“Speaking about [sanctions] from the viewpoint of solving problems, of course, the very fact of imposing sanctions against the head of the state is absurd, short-sighted,” Peskov said. Russia has about USD 630 billion in reserves – a stockpile of savings – built up from soaring oil and gas prices.

Meanwhile, The Russian government on Monday accused UK Foreign Secretary Liz Truss and others in the west of making “unacceptable” remarks which led to the Kremlin’s announcement that it was putting its nuclear forces on high alert.

Kremlin spokesperson Dmitry Peskov said Truss’ reference to possible “clashes” between NATO – the North Atlantic Treaty Organisation military alliance – and Moscow over Russia’s invasion of Ukraine was the reason behind its move.

“Statements were made by various representatives at various levels on possible altercations or even collisions and clashes between NATO and Russia,” Peskov told a news briefing, as reported by the Interfax news agency. – THE STATESMAN, PTI, INDIAN EXPRESS