Russian Sanctions on Europe: Gonzalo Lira II

Gonzalo Lira : commentary on the decree that Vladimir Putin signed as follows:

Executive Order on retaliatory special economic measures in connection with unfriendly actions of certain foreign states and international organisations

The President signed the Executive Order On Imposing Retaliatory Special Economic Measures in Connection with the Unfriendly Actions of Certain Foreign States and International Organisations.

May 3, 2022

13:00

This Executive Order was signed in order to protect the national interests of the Russian Federation in response to unfriendly actions, which contradict international law, undertaken by the US, and joined by other foreign states and international organisations, and aimed at illegally depriving the Russian Federation, its citizens and legal entities of their property rights and/or restricting their property rights.

The Presidential Executive Order says federal and regional government authorities, other government authorities, local self-government bodies, and organisations and individuals under the jurisdiction of the Russian Federation shall operate on the premise that special economic measures are to be applied to certain legal entities, individuals and organisations under their control, starting on the day the Executive Order comes into force.

The document introduces a ban on government authorities at all levels, as well as organisations and individuals under the jurisdiction of the Russian Federation, implementing agreements (including foreign trade contracts) with legal entities, individuals and organisations under their control that are subject to the special economic measures, and on executing obligations under existing agreements (including foreign trade contracts) to individuals under the sanctions where such obligations are not satisfied or are partially satisfied.

The Executive Order also bans conducting financial operations whose beneficiaries are individuals under sanctions.

In addition, the document imposes a ban on exporting products or raw materials manufactured or extracted in Russia when they are delivered to individuals under sanctions, or by individuals under sanctions to other individuals.

The Government has been instructed to approve the list of individuals under sanctions within ten days and define additional criteria for transactions whose implementation and obligations shall be banned under the Executive Order.