Russian President Vladimir Putin signed the federal law banning government officials from opening or keeping accounts at foreign banks outside Russia, and using or owning foreign financial instruments.
The monitoring procedure is set by presidential decrees, according to the legal information portal Garant.
The restrictions apply to civil service jobs, deputy prosecutor generals, Central Bank board members, the officials appointed to their posts by the president, the government or the prosecutor general. They also apply to deputy directors of federal executive bodies and executives of state corporations, foundations or other organizations set up by federal laws, where appointments are the prerogative of the president or the government.
The ban is effective for heads of urban districts, municipalities and their spouses and underage children. The officials are to comply with the new regulations within three months after appointment. Non-compliance is punished by firing due "to the loss of trust."
The Federation Council upper house of the Russian parliament approved this package of laws on April 27.