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Vladimir Putin signed Federal Laws On Banning Certain Categories of Individuals from Opening and operating Accounts (Deposits), Keeping Money and Valuables in Foreign Banks Located outside Russian Federation Territory, and Owning and (or) Using Foreign Financial Instruments, and On Amendments to Certain Legislative Acts of the Russian Federation following the Adoption of the Federal Law On Banning Certain Categories of Individuals from Opening and Operating Accounts (Deposits), Keeping Money and Valuables in Foreign Banks Located outside Russian Federation Territory, and Owning and (or) Using Foreign Financial Instruments, and Federal Constitutional Law On Amendments to Article 11 of the Federal Constitutional Law On the Russian Federation Government.
The Federal Law banning certain categories of individuals from having foreign bank accounts was passed for the purposes of guaranteeing Russia’s national security, bringing order to lobbying activity, increasing investment in Russia’s own economy, and making the fight against corruption more effective. Under the law’s terms, people holding office that requires them to make decisions related to Russia’s sovereignty and national security are prohibited from opening and operating bank accounts (deposits) and keeping money and valuables in foreign banks located outside Russia’s soil, and from owning and (or) using foreign financial instruments.
Under the law’s provisions, the ban applies to the following categories of individuals: individuals holding state office; deputies of the Prosecutor General; members of the Russian Central Bank’s Board of Directors; individuals holding state office in the regions; deputy heads of federal executive bodies; individuals holding federal-level civil service position and positions in state corporations (companies), funds and other organisations established on the basis of federal laws and the appointment and dismissal of whom is decided by the President, Government or Prosecutor General; heads of city and municipal districts; and the spouses and underage children of the above categories of individuals.
The Federal Law’s provisions also extend the ban to other individuals in cases decided by federal laws.
Violation of the ban by an individual or their spouse or underage children will be penalised in accordance with the federal constitutional laws and federal laws defining the legal status of the individual concerned. Depending on the individual’s status, the applicable penalties would be early termination of mandate for members of the Council of Federation, State Duma deputies, federal judges and deputies of regional legislative assemblies, and dismissal from other posts for loss of confidence.
The relevant amendments have been made to certain legislative acts of the Russian Federation.
May 8, 2013