Putin signs law on blocking foreigners’ money

04.08.2023, Moscow.

President Vladimir Putin signed the law on blocking the money of foreign entities and persons who fell under the restrictions of Russia, according to the official portal of legal information as of August 4.

It is noted that the law specifies entities liable to the blocking: foreign states, organizations, citizens, and stateless persons.

This category also includes legal entities under their control, that is, more than 50% of votes in the supreme governing body, including jointly held by several blocked subjects.

All financial organizations will have to block transactions of their money and property under the threat of Central Bank measures, up to and including license revocation.

Even bookmakers and totalizators will not be able to work with “black list” participants. It will be impossible to accept bets or pay out winnings. The law will come into force in six months.

Source: Rossa Primavera News Agency