We reported last week that Russia’s State Duma had amended the Russian Draft Bill No. 441399-7 “On Measures (Countermeasures) in Response to Unfriendly Actions of the USA and (or) other Foreign States” (previous blog). The amended Bill provides for a number of US counter-sanctions, including restrictions on the import into Russia of products and/or raw materials originating from the US and/or other foreign states, and on the export from Russia of products to foreign citizens. The original version of the Bill had stopped titanium exports to the US but the amended version instead gives the President the power to choose the sectors and products that will be affected, and to “ban or suspend co-operation with a hostile state”.
Yesterday, the amended Bill passed its third and final reading in the lower house of the State Duma, and will now move to the upper house for approval before being signed into law by President Putin. A second Bill that would make it a crime for anyone to comply with foreign sanctions against Russia has been delayed for further consultations with business (previous blog).