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Russian President Vladimir Putin orders retaliatory sanctions against West

May soon officially declare war on Ukraine: US, Western officials

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Russia Ukraine Conflict | Russia

Reuters 

Russia Ukraine crisis
Smoke rises above a plant of Azovstal Iron and Steel Works in the southern port city of Mariupol (Photo: Reuters)

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

The document does not provide any details of which individuals or entities may be affected by the measures.

According to the decree, 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.

Under the decree, the Russian government has 10 days to compile lists of foreign individuals and companies to be sanctioned, as well as to define "additional criteria" for a number of transactions that could be subject to restrictions.

Meanwhile, Russian President could formally declare war on Ukraine as soon as May 9, a move that would enable the full mobilization of Russia's reserve forces as invasion efforts continue to falter, US and Western officials believe.

May 9, known as "Victory Day" inside of Russia, commemorates the country's defeat of the Nazis in 1945. Western officials have long believed that Putin would leverage the symbolic significance and propaganda value of that day to announce either a military achievement in Ukraine, a major escalation of hostilities — or both.

Officials have begun to hone in on one scenario, which is that Putin formally declares war on Ukraine on May 9. To date, Putin has insisted on referring to the brutal monthslong conflict as a "special military operation," effectively banning words such as invasion and war.

Russia's measures

Russia's measures

looks to avoid sovereign bond default

looked poised to swerve a looming sovereign default after overdue payments on two of its sovereign Eurobonds were sent to some of its creditors, a source familiar with the situation said on Tuesday.

EU to issue detailed guidance on Russia’s demand for ruble

The European Union will provide detailed guidance in the coming days on what firms can and can’t do under EU sanctions rules to address Russia’s demands to pay for gas in rubles as countries fear the risk of Moscow halting supplies.

Ukraine central bank warns govt of limited funds

Ukraine’s central bank warned that its financial lifeline to the government has its limits and urged the finance ministry in Kyiv to lean on outside help in efforts to shore up the economy as Russia presses forward with the invasion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 03 2022. 22:50 IST
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