Vladimir Putin signed a bill banning senior state officials from holding funds in foreign banks as well as using shares and bonds issued abroad, the Presidential Executive Office informs.
The scandalous bill that has already become a law restricted the rights of its developers, top officials. The new law prohibits them, including their spouses and underage children, from owning accounts at foreign banks and securities abroad.
The law lists the names of all senior state officials such as Prosecutor General deputies, governors of the Central Bank, Presidential plenipotentiary envoys to federal districts, and top managers of wholly-owned federal government corporations, funds and other organizations (if appointments are made by the President, government or Prosecutor General) as well as those in charge of urban and municipal districts. Trespassers shall be dismissed. However, top officials are still allowed to possess property abroad, but these possessions must be specified in the income declarations.
Foreign banks are discontent with the law, whereas real estate agents are rubbing hands in sweet anticipation. The point is that the funds kept abroad are now likely to be moved to the housing market, which is a tried and tested way of investment.