Russian Govt expands the list of unfriendly countries and territories (23/07/2022)
Directive No. 2018-r of 23 July 2022
The Government expanded the list of foreign countries and territories that conduct unfriendly actions with regard to Russia, Russian companies and citizens. The relevant directive has been signed.
The list includes the islands of Guernsey and Man, which supported the United Kingdom’s sanctions against Russia, Russian citizens and companies, as well as the Bahama Islands, which banned any operations with the Bank of Russia, the Russian Ministry of Finance and a number of Russian loan agencies.
The approved directive implements Presidential Executive Order of 5 March 2022 on the Temporary Procedure for Meeting Obligations to Certain Foreign Creditors.
Under the document, Russian citizens and companies, the state, its regions and municipalities that have foreign currency obligations to foreign creditors from the list of unfriendly countries will be able to repay them in roubles. For this purpose, a debtor can ask a Russian bank to set up a special rouble account in the name of a foreign creditor and to remit rouble payments in line with the current Central Bank exchange rate, as of the payment day.
The temporary procedure applies to payments exceeding ten million roubles per month or similar sums in the foreign currency equivalent.
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