The Russian government on Monday (7) approved the list that mentioned United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine as “unfriendly countries” and declared that all corporate deals with companies or individuals from these countries would have to be approved by a government commission.

The Russian government passed a resolution to that effect as tensions between the West and Russia escalates amid Kremlin’s tightening grip on the Ukraine invasion.

On Monday, a steady stream of businesses, including major accounting and media firms, announced they would stop doing business with Ukraine. Oil soared above $135 a barrel after the White House said it was considering an embargo on Russian supplies.

The list also comes following a presidential decree on 5 March, which allowed the Russian government, companies, and citizens to temporarily pay foreign currency debts owed to overseas creditors from “unfriendly countries” in roubles.

To make such payments, the government said debtors should open a special type of rouble account with a Russian bank and transfer into it the rouble equivalent of the foreign currency amount owed according to the central bank’s official exchange rate on the day of payment.

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