UPDATE: Putin enacts special measures in financial, fuel sectors

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MOSCOW, Aug 5 (PRIME) -- Russian President Vladimir Putin has signed a decree on special economic measures in the financial and energy sectors, banning investors from the unfriendly countries to manage their shares in some projects, according to the decree published on Friday in the website for disclosure of legal information.

The decree bans deals with shares, rights, and liabilities owned by foreigners in the Sakhalin-1 project under a production sharing agreement and in the Kharyaginskoye oil field until December 31.

Putin banned all deals with stakes of foreigners from the unfriendly countries in all strategic firms in the fuel and energy, as well as financial sectors until the end of the year.

The ban also covers deals with stakes in the companies that develop large deposits with reserves exceeding 20 million tonnes of oil, 20 billion cubic meters of natural gas, or 35 million tonnes of coal, or companies that own deposits of uranium, quartz, rare earth metals, nickel, cobalt, tantalum, niobium, beryllium, copper, diamond, gold, lithium, and platinum group metals. Deals with stakes in the deep-sea and shelf deposits were also prohibited.

The government and the central bank have 10 days to prepare a list of companies that produce equipment for the energy industry and service the equipment, produce electric and thermal power, and refine crude, the deals with whose shares will be banned. The list should also include banks, whose shares are owned by foreigners.

But foreigners will be allowed to carry out deals with the shares of all the mentioned companies and banks if Putin issues a special permit for that.

The president signed the decree in response to the unfriendly actions of other countries and companies.

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