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© RIA Novosti. Iliya Pitalev

Putin proposes ban on foreign accounts for officials

by Aleksandras Budrys at 12/02/2013 12:57

President Vladimir Putin has sent to the State Duma a bill proposing to ban senior officials and their relatives from having accounts in foreign banks and holding securities issued by foreign bodies.

The text of the bill was published on the legislative activity portal of the lower parliament chamber on Tuesday.

The ban should apply to members of federal and regional parliaments and governments, board members of the Central Bank, judges, officials working in government-run companies and foundations, as well as other officials appointed by the president, government or prosecutor general, the bill said.

It will also apply to officials’ spouses and children, but it will not affect diplomats, it said.

After the bill becomes effective, officials will have to choose between closing their accounts and selling securities within three months or a voluntary or forced resignation.

Normally, a bill becomes effective one month from its official publication after it is passed in three readings by the Duma, endorsed by the Federation Council, the upper parliament chamber, and signed into law by the president.

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