The measure will be in effect until December 31, 2022.

"The impact of the sanctions is quite severe for the Russian economy," IMF Managing Director Kristalina Georgieva said.

Aeroflot's newest Airbus A350 aircraft have also been transferred to the Russian register.

This means cover is withdrawn on existing policies and UK insurers and reinsurers will be unable to pay claims in respect of existing policies in these sectors.

From March 9, the Bank of Russia introduces temporary rules for operations with cash currency for a period of 6 months.

According to the latest data, Russia already exported 23 mln tonnes of wheat.

Earlier, Dmitry Medvedev did not rule out the nationalization of the property of people registered in the US, the EU, and other unfriendly jurisdictions amid new sanctions against Moscow.

Products may be redirected to the Middle Eastern, Asian and South American markets.

On February 28, Royal Dutch Shell announced that it would withdraw from all joint projects with Russia because of developments in Ukraine.

That doesn't mean that they are off the table, Jen Psaki noted.