Major airlines saw stock shares nosedive on Wednesday, after media reports said that Russia could block flights over Siberia. However, Russian Foreign Minister Sergey Lavrov said the reports are simply rumors.
A one-year ban has been imposed on certain agricultural produce, foods and raw materials from countries that have sanctioned Russia. An order on economic measures to protect the country's security has been signed by President Putin.
Russian mobile network MegaFon has decided to place 40 percent of its cash in Hong Kong dollars to diversify and de-dollarize. The move is also a preventative move to protect against Western-led sanctions.
Russia must pay $2.51 bn (€1.87 bn) in compensation to the former shareholders of Yukos, once Russia's largest private oil company, for unfair tax proceedings. The European Court of Human Rights has also ruled Russia must pay €300,000 in legal costs.
The US and EU have banned the export to Russia of hi-tech oil equipment needed in Arctic, deep sea, and shale extraction projects. This will leave Western companies, which have an estimated $35 billion invested in Russian oil, in a bind.