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The Executive Order was signed in connection with the hostile actions undertaken by the United States of America, joined by other foreign states and international organisations, which imposed restrictive measures on citizens of the Russian Federation and Russian legal entities and which are illegal under international law, to protect the national interests of the Russian Federation and in accordance with Federal Law No. 281 FZ On Special Economic Measures and Coercive Measures, dated December 30, 2006; Federal Law No. 390-FZ On Security, dated December 28, 2010; and Federal Law No. 127-FZ On Measures Impacting (Counteracting) the Hostile Actions of the United States of America and Other Foreign States, dated June 4, 2018.

The Executive Order concerns, in part, the mandatory sale of a portion of the foreign currency received by participants in foreign economic activity; prohibition of foreign exchange transactions involving residents providing non-residents with foreign currency under loan agreements; prohibition of residents crediting foreign currency to their accounts opened with banks or organisations abroad, or transferring money without opening a bank account by using electronic payment options provided by foreign payment service providers.

In addition, the Executive Order defines the terms and conditions under which companies may purchase their outstanding shares (except for the acquisition of outstanding shares in order to reduce their total number). The Executive Order also establishes that a public joint stock company that purchases shares issued by it in accordance with this Executive Order is obliged to send a corresponding notification to the Central Bank of the Russian Federation.

The Executive Order shall come into force on the day of its official publication.