Russian President Vladimir Putin. (Photo: rianovosti)

The decree said that exporters would be required to hold at least 80% of their revenue in rubles, following an earlier announcement by the Finance Ministry. Deputy Chairman of the Russian Security Council Dmitry Medvedev said that the current sanctions against Russia could be a reason to review relations with all states that have imposed them.

EU foreign policy chief Josep Borrell said on Monday that any bid for membership could take a lot of years. Ukrainian President Volodymyr Zelensky the same day signed a membership application formally requesting that Ukraine join the European Union (EU) and the presidents of eight central and eastern European nations called on the EU to immediately grant Ukraine an EU candidate country status. Authorities said accession is not something that can be completed in a few months, but involves an intensive and far-reaching process of transformation.

The Biden administration rejected calls for a "no-fly" zone over Ukraine, arguing that it would be an escalatory measure that would potentially put the US in a place of military conflict with Russia which the president doesn’t want to do, said White House spokeswoman Jen Psaki.