Tuesday, May 7, 2013


Putin signs law banning senior officials from possessing foreign assets

MOSCOW,- Russian President Vladimir Putin has signed a law banning senior state officials from owning foreign assets, the Kremlin said Tuesday.

The law prohibits ministers from owning accounts abroad and saving cash and stocks in foreign banks, according to a statement published on the government's website.

It also bans spouses and underage children of state officials from possessing such assets abroad.

In April, the parliament adopted a package of bills intended to repatriate the foreign assets of Russia's political elite.

An extended list of state servants are banned from owning foreign assets, including those working on top positions in the Central Bank, regional administrations, state-owned corporations and other federal institutions.

Judges, career military personnel, and employees of investigative committees, the Interior Ministry as well as tax and customs services are also on the list.

Additionally, the ban applies to all candidates in all elections in the country down to the local level.

Members of parliament are also required to give up their assets held abroad by themselves or their spouses and underage children.

Dozens of legislators allegedly divorced their spouses hastily in anticipation of the legislative amendments in order to protect their foreign assets and escape high taxation.

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