Russian President Vladimir Putin has signed a decree imposing special economic measures to counter Western sanctions.
As Novosti reports, the purpose of the decree is to “implement special economic measures in connection with the hostile actions of the United States and foreign countries and international organizations that have joined them.” The document is published on the Kremlin’s official website.
It provides for the following measures:
– Participants in foreign economic activities are obliged to sell 80% of foreign exchange earnings received from January 1 this year. This also applies to the funds already accumulated – they must be sold within three days.
– Foreign exchange transactions involving the provision of foreign currency by residents for the benefit of non-residents under loan agreements are prohibited.
– Residents will no longer be able to transfer foreign currency to their accounts opened with banks and organizations abroad, or to transfer money without opening a bank account using electronic means of payment provided by foreign payment service providers.
– The President allows banks to open accounts of individuals without personal presence when transferring money from bank to bank.
It is emphasized that the measures listed in the document are applied in order to protect Russia’s national interests and in accordance with the federal laws “On Special Economic and Coercive Measures”, “On Security” and “On Measures to Influence (Counteract) Against Hostile Actions”. The United States and other foreign countries. “
Restrictions on the acquisition of shares by companies are also envisaged, and they must meet a number of conditions.
The decree also allows credit institutions to open bank accounts of individuals without their personal presence and without the presence of their representative if they transfer funds from another organization. For this purpose, the bank in which the account has already been opened must provide information to identify the person.
The decree enters into force upon its publication.
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