Poroshenko signs bill on sanctions which may be applied to Russia

Ukrainian President Petro Poroshenko signed the Ukrainian Law "On Sanctions" on Wednesday.

Ukrainian President Petro Poroshenko signed the Ukrainian Law "On Sanctions" on Wednesday.

A report to this effect has been posted on the Verkhovna Rada website. The text of the law is not available.

The Verkhovna Rada generally approved the Law "On Sanctions" on August 12 and passed it on August 14.

According to the law, sanctions on foreign individuals and legal entities, as well as legal entities controlled by such non-resident companies and foreigners will be approved by a decision of the National Security and Defense Council and imposed by presidential decree.

Sanctions imposed on a foreign state or an unlimited number of persons engaged in a particular type of activity (sectoral sanctions) will take effect immediately after their approval by the Verkhovna Rada within 48 hours of the National Security and Defense Council and the president issuing their decisions.

A number of amendments, including those preventing sanctions on the media or a ban on postal services and distribution of printed material, were made on August 14 but the approved text was not published.

Verkhovna Rada Chairman Oleksandr Turchynov signed the law on August 26 and submitted it to the president for signing.

Read more: Ukrainian sanctions on Gazprom could threaten European economy>>>

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