The Russian government issued last week a list of countries "taking unfriendly actions against Russia, Russian companies, and citizens," referring to the economic sanctions introduced amid the Russia-Ukraine war.

 

According to a decree published on the government's website, the list includes Albania, Andorra, Australia, Great Britain, including Jersey, Anguilla, British Virgin Islands, Gibraltar, EU member states, Iceland, Canada, Liechtenstein, Micronesia, Monaco, New Zealand, Norway, South Korea, San Marino, North Macedonia, Singapore, US, Taiwan, Ukraine, Montenegro, Switzerland, and Japan.

 

Vietnam, Thailand, Cambodia, Laos, and the Philippines from SE Asia were not on this list.

 

The government allowed Russian citizens and companies, the state itself, its regions and municipalities that have obligations in foreign currency to foreign creditors from the list of unfriendly countries to pay back their debts in rubles.

 

St Petersburg port file photo 

 

For that, a debtor may ask a Russian bank to create a special ruble account "C" in the name of a foreign creditor and transfer payments to it in ruble equivalent at the exchange rate of the central bank on the day of payment.

 

The new order is temporary and is valid to payments exceeding 10 million rubles (around $72,202).

 

Russia's war on Ukraine has been met with outrage from the international community, with the European Union, UK, and US, among others, imposing a range of economic sanctions on Moscow.

 

Issues of morals and payments

 

With any existing contracts would you expect to be able to get any pro forma payments.

 

Then if you got an email from your regular Russian client wanting to place a new order, could you or your company be willing to take their order?

 

Apart from the incredible risks in accepting that it will be hard to guarantee deliveries, and also whether the client will be able to pay your company, could you feel morally correct?

 

It is not only a decision that the company must weigh up, but they will need to make 100% sure that their loyal staff will not down tools in respect for the citizens of Ukraine.

 

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Given the current situation, any responsible business owner will never take any order from a russian company. By the way, which russian company is worth cooperation? They don't produce anything good.