Russian President Vladimir Putin has ordered his government to draw up a list of sanctions within 10 days. Alexei Nikolsky / Reuters
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Putin has signed an executive order allowing Russia to suspend exports and cancel existing treaties.
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He is taking revenge on countries that have taken “hostile action” against Russia.
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Putin has ordered his government to draw up a list of sanctions within 10 days.
Russian President Vladimir Putin has signed an executive order allowing Russia to suspend exports and cancel existing contracts for individuals and organizations on an upcoming sanctions list.
The broad directive aims to “protect the national interests of the Russian Federation in response to hostile acts contrary to international law taken by the United States and acceded to by other foreign countries and international organizations,” according to a document posted on the website of the Russian Federation. the President of Russia. .
According to the document, “unfriendly actions” deprive Russia, its citizens and legal entities of their property rights.
Putin’s order went into effect on Tuesday. He also ordered the Russian government to draw up a list of sanctions over the next ten days.
Putin’s executive order came as Russia’s economy was set to shrink for about three decades amid heavy sanctions from the United States and its allies over the war in Ukraine.
Various Russian government agencies forecast an annual decline in GDP this year in the range of about 8% to more than 10%, according to Interfax, citing former Finance Minister Alexei Kudrin last month. In comparison, the World Bank expects the Russian economy to shrink by 11.2% in 2022.
Yet despite widespread international sanctions, Russia’s treasury seems to be holding back. The power plant avoided a historic debt default on Tuesday as an international clearing house processed a payment for dollar bonds for the country.
Read the original article in Business Insider
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