Ukraine conflict: Russian response to international sanctions

3 March 2022

Russian State Duma introduced several bills to provide social protection to its citizens from sanctions by foreign countries. Some of the key provisions of the bill are related to employment, access to medicines and health products, and pension provision. Another bill provides for credit holidays to citizens until 30 September 2022. The bill established a period during which restrictions on the full cost of a consumer loan is not subject to application.

The Duma also introduced bill to support pensioners amidst international sanctions. The bill allows the government to make decisions on additional payments and increase in pensions. The parliament also introduced a bill that contains provisions for small and medium businesses and information technology (IT) companies, as well as simplified processes for public procurement of products.

It introduced another bill to extend the deadline for paying taxes. The bill provides provision to extend the deadline for paying taxes, insurance premiums, and other such financial fees.

A committee in the State Duma also approved a draft law that criminalises the distribution of false news about military operations to prevent discrediting and criticising the Russian armed forces.

2 March 2022

President Vladimir Putin signed a decree facilitating measures to support financial stability amidst international sanctions. The additional measures are aimed at defending the national interests of the country. Prime Minister Mikhail Mishustin pledged funds to develop the information technology sector. He added that the government will adjust tax arrangements for companies and citizens amidst international sanctions.