Mar 8, 2022: Russia has said that all corporate deals with companies and individuals in “non-friendly countries” will now be approved by a government commission.

Moscow said on Monday it had approved a list of countries and territories that would take “unfriendly action” against Russia, its companies and citizens in the wake of tough economic sanctions on the Ukraine conflict.

The decision comes after Moscow released a list of countries taking ‘unfriendly actions’ against Russia after its attack on Ukraine.

The list follows a March 5 presidential decree allowing the Russian government, companies and citizens to temporarily repay foreign currency loans in rubles to “non-friendly” overseas lenders.

The countries include the United States, EU member states, the United Kingdom, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine, a government statement said.

For such payments, the government said that lenders should open a special type of ruble account in a Russian bank and transfer rubles equal to the amount of foreign currency owed according to the central bank’s official exchange rate on the day of payment.

This temporary arrangement for repayment of foreign loans applies to payments of more than 10 million rubles ($ 76,000) per month.

Russia’s war against Ukraine has provoked outrage from the international community, with other countries, including the European Union, Britain and the United States, imposing economic sanctions on Moscow. Hundreds have been killed in Ukraine since Russia began fighting on February 24, according to UN figures.

More than 1.7 million people have fled Ukraine to neighboring countries, according to the UN refugee agency.

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