Moscow said on Tuesday (March 8) after the list was published on Saturday that any Russian company wishing to work with individuals or companies from a new list of “enemy countries” would need government approval.
The list of alleged enemies of Russia includes all 27 member states of the European Union, as well as Monaco, Switzerland, Norway, Iceland, San Marino, the United States, the United Kingdom, Canada, Australia, Switzerland, Japan, South Korea, New Zealand, Singapore, Taiwan and Micronesia.
Albania, Montenegro and North Macedonia are from the Western Balkans. Serbia, on the other hand, is not on the list. The EU candidate country has refused to impose sanctions on Russia and maintains friendly relations with the Kremlin.
Classification of the country as “hostile” means, among other things, that Russia will only pay corporate debts from the state in rubles. Also, all corporate dealings with these countries must be approved by a Russian government commission.
Russia announced the list of “enemy states”: 🇭🇯🇵 pic.twitter.com/39MxXPtJ5x
– Mr. Gold 🇧🇦 🇺🇸 🇺🇦 (StrategistPin) March 7, 2022
The Russian ruble is rapidly losing value due to Western sanctions. On Tuesday, the US dollar was trading at 155 rubles, down from about 80 rubles at the end of February.
According to reports, the debtor can ask a Russian bank to open a special account in rubles in the name of a foreign lender and transfer a payment in Russian currency for the amount owed at the exchange rate for the day. This measure applies to payments over 10 million rubles per month ($65,000).
The move is the second Russian response to the unprecedented sanctions imposed by the West after the Russian invasion of Ukraine on February 24. Earlier, Russia had already imposed a ban on flights from some countries after most EU countries closed their airspace to Russian aircraft.
Meanwhile, Western allies’ sanctions against Russia have taken a heavy toll on their banks, companies and investors, Reuters reported on Tuesday.
From Société Générale SA and BP Plc in Europe to Citigroup Inc in the US, Western companies have estimated their Russian exposure in the billions – money they can now lose.
A large US bank estimated that the West’s exposure through its companies and dealings with the Russian Central Bank could amount to about $400 billion.
Korean companies that do business with Russia already have their own companies interest Expressed the devaluation of the ruble.
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