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Putin Signs Decree on New Retaliatory Sanctions against West

Putin Signs Decree on New Retaliatory Sanctions against West

Tuesday, 3 May, 2022 - 10:15
A general view shows an empty embankment near the Kremlin, after the city authorities announced a partial lockdown ordering residents to stay at home to prevent the spread of coronavirus disease (COVID-19), in central Moscow, Russia March 30, 2020. REUTERS/Evgenia Novozhenina

Russian President Vladimir Putin has signed a decree on retaliatory economic sanctions in response to the "unfriendly actions of certain foreign states and international organizations", the Kremlin said on Tuesday.

According to the decree, Russia will forbid the export of products and raw materials to people and entities that it has sanctioned.

The decree also prohibits transactions with foreign individuals and companies hit by Russia's retaliatory sanctions and permits Russian counterparties not to fulfill obligations towards them.

The European Union hopes to pass the sixth round of sanctions against Russia at the next meeting of the EU Foreign Affairs Council, the bloc's chief diplomat said on Monday.

Josep Borrell told a news conference in Panama City, where he is on an official visit, the bloc hopes to curb Russia's energy exports as part of its efforts to sanction Moscow over its invasion of Ukraine.

The European Commission, the executive branch of the union, is expected to propose the package of EU sanctions this week, including a potential embargo on buying Russian oil - a measure that would deprive Moscow of a large revenue stream, but that has so far divided EU countries.

Borrell, who chairs the Foreign Affairs Council meetings, said he hopes the EU will be able to take "measures to significantly limit these imports" but conceded so far there is no agreement from all the members.

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