Russia imposes sanctions on Belgium

The list also includes EU countries including Belgium, Australia, the United Kingdom, Canada, Monaco, South Korea, the United States, Switzerland and Japan.

The text was prepared following a presidential decree on Friday that vaguely established a “temporary procedure” for repaying loans to “specific foreign debtors.”

To do this, the borrower can now create a special account in the name of the foreign debtor to the Bank of Russia and send him a fee equivalent in rubles at the Central Bank’s current exchange rate.

The new provision will apply to payments in excess of 10 million rubles per month in foreign currency.

This is one of the first Russian responses to unprecedented sanctions imposed on Russia by several Western countries following military intervention in Ukraine.

Sanctions have caused the ruble to depreciate historically and freeze a portion of the funds of officials abroad, preventing the central bank from supporting the Russian currency.

On Monday, market concerns focused on the possibility of sanctions targeting Russian oil directly.

As the first victim in the foreign exchange market, the Russian currency melted 10% around 11:00 GMT on Monday, hitting a new historic low of 137.70 rubles to 142.18 against the dollar. Since January 1, the ruble has fallen 45%.

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