Russia says deals with 'unfriendly' countries such as Singapore will require approval

[LONDON] Russia said on Monday that all corporate deals with companies and individuals from so-called "unfriendly countries" would now have to be approved by a government commission, according to a government resolution.

The government said it had approved a list of countries and territories taking "unfriendly actions" against Russia, its companies and citizens, in the wake of severe economic sanctions over the Ukraine conflict.

The list follows a presidential decree on Saturday (Mar 5) allowing the Russian government, companies and citizens to temporarily pay foreign currency debts owed to overseas creditors from "unfriendly countries" in roubles.

A government statement showed the list of countries included the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

To make such payments, the government said debtors should open a special type of rouble account with a Russian bank and transfer into it the rouble equivalent of the foreign currency amount owed, according to the central bank's official exchange rate on the day of payment.

This temporary arrangement for paying foreign debts applies to payments exceeding 10 million roubles (US$76,046) a month.

REUTERS