Russia approves list of legal entities subjected to retaliatory sanctions

Russia approves list of legal entities subjected to retaliatory sanctions

The Russian government has approved a list of legal entities, which are subject to retaliatory sanctions. The relevant resolution of the Cabinet of Ministers was published on the official portal of legal information on Wednesday.

The list includes 31 companies from Germany, France and other European countries, as well as from the USA and Singapore. In particular, it includes former European subsidiaries of Gazprom, traders and operators of underground gas storage facilities.

In particular, Russian authorities, legal entities and citizens will not be able to conclude transactions with the sanctioned entities and organizations under their control, fulfill obligations to them under completed transactions, and conduct financial transactions in their favor. This includes the concluded foreign trade contracts. These bans were earlier established by a decree of Russian President Vladimir Putin.

The resolution sets additional criteria for transactions that are prohibited from being performed with companies from the sanctions list. These are transactions concluded in favor of the sanctioned persons, or providing for the making of payments, transactions with securities with the participation or in favor of such companies, or transactions involving the entry of ships owned or chartered by sanctioned persons, in their interest or on their behalf, into the Russian ports.

The resolution appoints the Russian Finance Ministry responsible for sending proposals to the Cabinet of Ministers on making changes to the list, as well as on granting temporary permits for certain transactions with persons under sanctions. The document comes into force from the date of its official publication.

Russia’s sanctions list includes Gazprom Germania GmbH, Gazprom Schweiz AG, Gazprom Marketing & Trading USA Inc, Vemex, Wingas, EuRoPol GAZ.