May 17, 2022

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Putin signs executive order giving Russia power to halt exports and cancel contracts in response to 'unfriendly acts'

Putin signs executive order giving Russia power to halt exports and cancel contracts in response to ‘unfriendly acts’

Russian President Vladimir Putin has ordered his government to draw up a list of sanctions within 10 days.Alexey Nikolsky/Reuters

  • Putin signed an executive order allowing Russia to halt exports and cancel existing contracts.

  • He is taking revenge on countries that have carried out “unfriendly actions” against Russia.

  • Putin ordered his government to draw up a list of sanctions within 10 days.

Russian President Vladimir Putin has signed an executive order allowing Russia to halt exports and cancel existing contracts for people and entities on the upcoming sanctions list.

The broad directive aims “to protect the national interests of the Russian Federation in response to unfriendly actions, contrary to international law, by the United States, to which other foreign countries and international organizations have joined,” according to a document published in Russian presidential website.

According to the document, “unfriendly actions” deprived Russia, its citizens and legal entities of their property rights.

Putin’s order went into effect on Tuesday. He also ordered the Russian government to draw up a list of sanctions within the next ten days.

Putin’s executive order came in the name of Russian economy It is set to experience its biggest contraction in nearly three decades amid heavy sanctions from the United States and its allies over the war in Ukraine.

Various Russian government agencies expect the year-on-year decline in gross domestic product this year to be in the range of about 8% to more than 10%, according to Interfax, Quoting former Finance Minister Alexei Kudrin last month. Relatively speaking, world bank It expects the Russian economy to shrink by 11.2% in 2022.

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But despite sweeping international sanctions, Russia lockers It seems to hold up. Energy Center Avoiding a historical default On Tuesday, an international clearinghouse processed a dollar bond payment for the country.

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