On Tuesday evening, Russian President Vladimir Putin signed a package of measures aimed at reducing the impact of harsh Western sanctions and the exodus of international companies from the country.

Mr Putin’s decision comes after US Vice President Joe Biden announced a ban on Russian oil, coal, and gas imports.

These additional measures demonstrate that Mr Putin is being forced to respond quickly to the worsening economic situation at home.

Increased pensions and less rules for small and medium-sized firms are among the new initiatives.