Russia introduces sensational sanctions against Ukraine

Russian Prime Minister Dmitry Medvedev signed a government decree introducing special economic measures against 322 Ukrainian citizens and 68 companies, according to the government resolution published on the Russian government’s official website.

"Special economic measures are introduced in relation to individuals and legal entities of Ukraine, which include freezing non-cash funds, non-documentary securities and property in Russia and banning transfer of funds (withdrawal of capital) outside Russia. Sanctions will be extended to 322 individuals and 68 legal entities," the Russian government said.

The list of the sanctioned individuals includes the Ukrainian president’s son Alexei Poroshenko, Ukraine's Minister of Internal Affairs Arsen Avakov, Head of Naftogaz of Ukraine Andrei Kobolev, Head of the General Staff of the Armed Forces of Ukraine Viktor Muzhenko, Prosecutor General of Ukraine Yuriy Lutsenko, Defense Minister Stepan Poltorak, Speaker of the Verkhovna Rada Andrei Paruby, Deputy Head of the Presidential Administration Konstantin Yeliseyev, ultra-nationalists Oleg Tyagnibok and Dmitri Yarosh, ex-premier of Ukraine Arseniy Yatsenyuk, leader of the Batkivshchyna party Yulia Timoshenko.

These restrictions also are also being imposed on judges of the Constitutional Court of Ukraine, lawmakers of the Verkhovna Rada of Ukraine of the 8th convocation, major Ukrainian businessmen, officials of the presidential administration of Ukraine, heads of executive authorities and large Ukrainian companies, and legal entities controlled by Ukraine’s top businessmen, the statement said.

Ukraine’s chemical and mining enterprises make up the majority of the list of 68 legal entities that fell under the countersanctions. Among those are Azot, Dniproazot, Ukrhimenergo, Glikohim, Mezhdurechensk Mining and Processing Plant, United Mining-Chemical Company and its branches, and a number of other companies.

Moscow's countermeasures are aimed at countering Kiev’s unfriendly actions against Russian citizens and companies and can be lifted if Ukraine annuls its sanctions, the Russian government stated.

According to the Cabinet, the countermeasures are aimed at "countering unfriendly actions against Russian citizens and legal entities from Ukraine and normalizing bilateral relations." "The Russian government reserves the right to cancel special economic measures if Ukraine abolishes its restrictive measures imposed on Russian citizens and legal entities," the statement reads.

Russia's Ministry of Industry and Trade and the Ministry of Economic Development should ensure a balance on commodity markets and prevent any negative impact from the special economic measures ... on the activities of Russian organizations.The statement also says that the Russian government could issue temporary permits to authorize certain operations of companies under the restrictions.

On October 22, Russian President Vladimir Putin signed a decree on special economic measures in response to the anti-Russian sanctions of Ukraine. The decree notes that this decision was made "in response to Ukraine’s unfriendly actions, which are contrary to the international law and imply introduction of restrictive measures against citizens and legal entities of the Russian Federation", adding that they were imposed "in order to protect national interests."

In February 2014, Ukraine introduced sanctions against 1,228 individuals and 468 legal entities, including Russian government officials, politicians, CEOs, along with reporters, some Donbass residents, a number of Russian companies.