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Moscow said on Monday that all corporate deals with companies and individuals from the so-called “unfriendly countries” would now have to be approved by a government commission.
The list includes Ukraine, all of the EU nations, the US, UK and Japan, among others.
It follows a presidential decree on March 5 allowing the Russian government, companies and citizens to temporarily pay foreign currency debts owed to overseas creditors from “unfriendly countries” in roubles.
To make such payments, the government said debtors should open a special type of rouble account with a Russian bank and transfer into it the rouble equivalent of the foreign currency amount owed, according to the central bank's official exchange rate on the day of payment.
This temporary arrangement for paying foreign debts applies to payments exceeding 10 million roubles ($76,046) a month.
Western nations have frozen Russia's central bank assets, keeping it from accessing $630 billion in dollar reserves, and seven Russian banks have been excluded from the SWIFT banking system which facilitates easy money transfer across borders.
Russia has also threatened to cut off gas flowing from the Nord Stream 1 pipeline into Germany, according to a statement from the Russian Embassy in the UK.
The US on Tuesday imposed a ban on Russian oil imports, and the European Union announced it would look to decrease its dependency on Russia for its energy needs.
Russian individuals and companies close to the Russian government have also been sanctioned.
Russia's list of 'unfriendly' countries and territories
Republic of Cyprus