Australia lands on Russia's 'unfriendly countries' list

Russia said on Monday that all corporate deals with companies and individuals from what it called "unfriendly countries" would now have to be approved by a government commission.

The government said it had approved a list of countries and territories taking "unfriendly actions" against Russia, its companies and citizens, in the wake of severe economic sanctions over the invasion of Ukraine.

The list follows a presidential decree on March 5 allowing the Russian government, companies and citizens to temporarily pay foreign currency debts owed to overseas creditors from "unfriendly countries" in roubles.

The rouble has been crippled by the economic sanctions placed on Russia by Western nations.

Australia landed on the list with a large number of Western nations, which also included Ukraine, who it is fighting a war against, and Taiwan.

The latter is interesting as China which has refused to condemn Russia does not recognise Taiwan.

A government statement showed the list of countries included 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.

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.

This temporary arrangement for paying foreign debts applies to payments exceeding 10 million roubles a month.