Putin proposes bill forbidding civil servants to have foreign bank accounts

President Vladimir Putin has submitted a bill to the State Duma, the lower house of parliament, that would prohibit officials involved in decision-making on matters of sovereignty and national security, to have foreign bank accounts outside Russia, or foreign stocks, or bonds or foreign issuers' shares.

The bill has been posted on the State Duma's database.

It lists officials who come under the proposed regulation, including statesmen, first deputy and deputy prosecutor generals, members of the Central Bank's board of directors, members of regional governments and persons who hold federal civil service positions, if they are appointed or dismissed by the president, government or prosecutor general.

The ban also covers persons holding positions with state corporations (companies), funds or other organizations formed in compliance with federal laws, as well as these officials' spouses and underage children.

Civil servants who work with diplomatic missions, consular services or other official representative offices of the Russian Federation, or with the official representative offices of the federal executive agencies abroad, would not fall under the ban.

Individuals who fall under the ban and who have foreign bank accounts would have to close these accounts and dispose of foreign stocks within three months after the proposed law takes effect. Otherwise their powers, including the powers of members of parliament and senators, would be terminated and the persons in question would have to step down. The same would apply to members of the Central Bank's board of directors, and employees of state corporations and funds.

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