Russia's Finance Ministry opens a dedicated counter-sanctions department

Prime Minister Dmitry Medvedev has signed a government order creating a new department inside Russia’s Finance Ministry to counteract foreign sanctions. The change brings the total number of Finance Ministry departments to 25, and grants staff the authority to cooperate with foreign agencies and international organizations on financial restraints imposed by sanctions.

On July 19, the newspaper Kommersant reported that Russia’s Finance Ministry has drafted legislation that would reduce Russia’s use of U.S. currency in foreign trade, and possibly limit access to information about companies that could be potential targets for future economic sanctions. The proposal also calls for the creation of tax havens (“domestic offshores”) in Kaliningrad and Primorye.