Russia’s List of Unfriendly Countries

March 8, 2022

On 7^th March 2022, the Government of the Russian Federation approved a list of foreign countries and territories that committed unfriendly actions against Russia.

About the list

The unfriendly list of countries and territories included the United States, member states of the European Union (EU), United Kingdom, Japan, Canada, Norway, Singapore, South Korea, Switzerland, and Ukraine.
These countries imposed economic sanctions on Russia in response to its military action against Ukraine. According to Russia, these countries committed unfriendly actions against Russian companies and citizens.
Russia declared that all corporate deals with companies or individuals from the list of unfriendly countries should be approved by the government.

Presidential decree

A presidential decree was published along with the list, according to which the foreign exchange obligations of Russian citizens and companies to foreign creditors from the list of unfriendly countries should be paid in Russian currency (rubles).
To make such foreign payments, debtors should open a special type of ruble account with a Russian bank and transfer the ruble equivalent of the foreign currency amount owed, based on that day’s official exchange rate.
This is a temporary arrangement for payment of foreign debts and it applies to payments exceeding 10 million rubles a month.

The Russia-Ukraine war has led to a humanitarian crisis and 1.7 million people have fled Ukraine to neighboring countries.

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