- The Russian government has approved a list of 'unfriendly' countries and territories, amidst its invasion of Ukraine
- Mounted under crippling sanctions, Russia's economy has been plunged into crisis after the economic boycotts
- Russia invaded Ukraine last month, but its forces were stalled by logistical errors and fierce opposition from Ukrainian troops
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Moscow - Russia on Monday, March 7 published an official list of foreign countries it considers to be "unfriendly," Newsweek reports.
Business dealings in Russia involving these countries will now require special government authorization, Russia said, in a response to crippling sanctions imposed by Western nations over the invasion.
The countries and territories considered "unfriendly" by the Russian government include Australia, Albania, Andorra, the United Kingdom, Anguilla, British Virgin Islands, Gibraltar, Iceland, Canada, Liechtenstein, Micronesia, Monaco, New Zealand, Norway, and Taiwan.
Others are the Republic of Korea, San Marino, North Macedonia, Singapore, the United States, Taiwan, Montenegro, Switzerland, and Japan.
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Those on the list are considered to have taken unfriendly actions against Russia, Russian companies, and citizens.
All corporate deals with companies and individuals from the countries must now be approved by a Russian government commission - the Commission for Control over Foreign Investments, which was established in 2008 to monitor foreign investment in strategic sectors announced.
The decree states that Russian citizens and companies, the state itself, its regions, and municipalities that have foreign exchange obligations to foreign creditors from those on the list will be able to pay them in rubles.
The latest directive applies to payments exceeding 10 million rubles per month, or a similar amount in foreign currency.
The statement added that Russia's government commission in charge of foreign investment must give authorization for deals with Russian residents.
Russia lists conditions to end Ukraine's invasion
Meanwhile, the UK Independent reports that Russia has issued Ukraine with a list of conditions that it must follow to halt the invasion.
The demands include Ukraine ceasing military action, changing its constitution to enshrine neutrality, acknowledging Crimea as Russian territory, and recognising the separatist republics of Donetsk and Lugansk as independent states.
Kremlin spokesperson Dmitry Peskov said that Ukraine was aware of the conditions and they were told the invasion will be stopped if they accept the conditions.
Mastercard and Visa suspend operations in Russia over invasion of Ukraine
The latest blow to the Russian economy means that Mastercard credit cards will no longer work at Russian merchants or at bank ATMs.
Visa has also said that it would cease all transactions in the near future. Visa credit cards issued outside of Russia would no longer work inside the country.
Economic sanctions: Russian banks rush to switch to Chinese card system
Earlier, several Russian banks said on Sunday, March 6 they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa and MasterCard said they were suspending operations in Russia.
Announcements regarding the switch to UnionPay came from Sberbank, Russia's biggest lender, as well as Alfa Bank and Tinkoff.
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