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By Brendan Cole
Senior Reporter
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Russian President Vladimir Putin has signed a decree that would target so-called "unfriendly" countries and organizations.
The move could pave the way to Moscow causing ructions across markets by suddenly terminating exports and deals.
Russia will prohibit the export of products and raw materials "to foreign individuals and legal entities" that it has sanctioned, RIA Novosti reported stopping any transactions with such people or entities, even under current contracts.
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The document does not detail exactly which entities would be affected, although the Russian government has 10 days to draw up a list.
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The wording of the announcement on Tuesday points to the Kremlin's determination to avenge the tough sanctions that have been imposed on Russia by the West since Vladimir Putin's invasion of Ukraine on February 24.
The decree sets out "retaliatory special economic measures in connection with the unfriendly actions of some foreign states and international organizations."
Tatiana Stanovaya, the founder of political analysis firm R.Politik, called it a "framework decree. Now all the specific lists should be developed by the government," she said according to Reuters, "that's the main thing and we need to wait for."
Punitive measures have hampered Russia in the global financial system and include trade sanctions and the freezing of around half of the country's gold and foreign currency reserves. Russia was also kicked out of the SWIFT international payment system.
The move to economically isolate Russia, which is one of the world's biggest energy and natural resource producers, has raised concerns about food shortages and soaring prices.
Tuesday's announcement comes days after another Putin decree in which Russia announced it would force "unfriendly" countries to pay for gas in rubles to sidestep Western financial sanctions against its central bank. Russia cut off Bulgaria and Poland after their firms refused to comply.
Countries that want to keep Russian gas flowing have to set up two accounts—one in a foreign currency and the other in rubles with Gazprombank, which would convert the payments into the Russian currency.
However, on Monday the EU warned member states to prepare for a possible complete breakdown in gas supplies from Russia, insisting it would not accept Moscow's demand, Agence France Presse reported.
European Commissioner for Energy, Kadri Simson, said the 27 European Union member states would stockpile gas and that the Russian payment demand "constitutes a breach of sanctions" imposed by the EU.
Update 05/03/22, 10:46 a.m. EDT: This article has been updated with further information including comment from Tatiana Stanovaya and Kadri Simson.
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