(Photo: CGTN)

Russian President Vladimir Putin signed a decree that allows Russia to target Ukrainian firms and individuals with economic counter-sanctions, according to a statement released by the Kremlin on Monday.

The move was in response to "unfriendly actions of Ukraine" related to the introduction of sanctions against Russian nationals and legal entities, as well as to "protect national interests," according to the statement.

Putin has also instructed the government to draw up a target list.