MOSCOW

Russian President Vladimir Putin signed a decree on Monday restricting certain currency transactions in a bid to ease the effects of Western sanctions in the wake of the war with Ukraine.

As of Tuesday, residents will be prohibited from transferring currency outside the country under loan agreements or via electronic money transfer services, according to the decree.

It also obliges exporters to sell 80% of all foreign currency revenue they received as of Jan. 1 within three working days to designated accounts.

The measures were taken to "protect the national interests" of Russia against "unfriendly" actions by the US and other countries and international organizations that it said were "contrary to international law.

Since Russia's war on Ukraine began last Thursday, it has been met by outrage from the international community, with the EU, UK, and US implementing a range of economic sanctions against Russia.

Russia was further isolated after its planes were barred from flying in European and Canadian airspace, and a number of its banks were kicked out of the SWIFT international banking system.