MOSCOW, March 4, 2022 (BSS/AFP) - Russia's parliament on Friday approved

legislation aimed at countering the effects of sweeping Western sanctions on
the country's economy imposed after Moscow's invasion of Ukraine.

The package of bills aims at "defending the economy and citizens in the face
of foreign sanctions," according to the website of the State Duma, the
Russian parliament's lower house.
"The economy is subjected to such an aggressive environment," said Kremlin
spokesman Dmitry Peskov. "We need to cushion, to minimise the attacks aimed
at our economy now."

Western nations slapped Russia with unprecedented sanctions in retaliation
for launching a brutal war against Ukraine. The penalties prompted the
Russian ruble to plumet and foreign companies to leave the country.

The legislation approved Friday allows the government to raise pensions and
the minimum wage.

A moratorium on inspections of small and medium-sized businesses may also be
introduced for 2022, and until the end of 2024 for IT companies.

The bills also expand the list of medicines procured by the government and
streamlines procurement procedure.
The legislation puts in place a simplified "buyback" mechanism for companies
to purchase their own shares, allowing Russian enterprises, whose shares have
plummeted due to the sanctions, to buy back the shares at low prices and
consolidate.
The law also provides for credit repayment freezes for citizens and small and
medium-sized businesses in 2022, a measure already introduced at the start of
the coronavirus pandemic.

Finally, the measures extend a capital amnesty that has been in place for
several years, allowing Russians to repatriate property and capital held
abroad without risking prosecution.