TEXT-Putin's decree ordering retaliation against Western sanctions

President Vladimir Putin on Tuesday decreed that Russia would no longer export products and raw materials to entities in states that had imposed sanctions on Russia, and forbade transactions with people and entities that Moscow had sanctioned.

President Vladimir Putin on Tuesday decreed that Russia would no longer export products and raw materials to entities in states that had imposed sanctions on Russia, and forbade transactions with people and entities that Moscow had sanctioned. It was not immediately clear how broadly the decree, which appeared to allow halting trade between one of the world's biggest natural resources producers and the West, would be applied.

Following is a Reuters translation of the decree: "Decree of the president of the Russian Federation on the application of retaliatory special economic measures in connection with the unfriendly actions of some foreign states and international organizations.

"In connection with unfriendly - and contrary to international law - actions of the United States and foreign states and international organisations that have joined them, which are aimed at illegally depriving the Russian Federation, citizens of the Russian Federation and Russian legal entities of property rights or the restricting their property rights, and in order to protect the national interests of the Russian Federation and in accordance with the Federal Law of Dec. 30, 2006, No. 281-FZ "On Special Economic Measures and Compulsory Measures", I decree that: 1) federal state authorities, bodies of state authorities of the subjects of the Russian Federation, other state bodies, local self-government bodies, organizations and individuals under the jurisdiction of the Russian Federation, in their activities, proceed from the fact that from the date of entry into force of this decree, special economic measures are applied to individual legal entities, individuals and organizations under their control.

2) the application of the following special economic measures be ensured: a) The prohibition, for federal state authorities, state authorities of the subjects of the Russian Federation, other state bodies, local self-government bodies, organizations and individuals under the jurisdiction of the Russian Federation:

- to make transactions (including concluding foreign trade contracts) with legal entities, individuals, and organizations under their control in respect of which special economic measures are applied (hereafter referred to as persons under sanctions); - to fulfill obligations to persons under sanctions under completed transactions (including concluded foreign trade contracts), if such obligations are not fulfilled or not fully fulfilled;

- to carry out financial transactions whose beneficiaries are persons under sanctions; b) The prohibition of exports outside the territory of the Russian Federation of products and (or) raw materials, the production and (or) output of which are carried out on the territory of the Russian Federation, where such products and (or) raw materials are supplied to the benefit of persons under sanctions and (or) by persons under sanctions to the benefit of others.

3) the Ministry of Finance of the Russian Federation has the right to give official explanations on the application of this Decree, except for paragraph four, subparagraph "a", of paragraph 2 of this Decree. 4) the Central Bank of the Russian Federation has the right to give official explanations on the application of the fourth paragraph of subparagraph "a" of paragraph 2 of this Decree.

5) the Government of the Russian Federation will, within 10 days: a) approve a list of persons under sanctions;

b) determine additional criteria for classifying transactions as transactions, the commission of which, and the fulfillment of obligations under which are prohibited following paragraphs two and three of subparagraph "a" of paragraph 2 of this Decree. 6) this Decree comes into force from the date of its official publication and is valid until the cancellation of the special economic measures established by it.

President of the Russian Federation. V. Putin. Moscow. Kremlin. May 3, 2022.

No. 252.

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