Putin signs law on blocking funds of foreign companies under Russian sanctions

Russian President Vladimir Putin has signed a law that will block the funds and property of foreign companies against which Russia has imposed sanctions.

Source: Kremlin-aligned media RIA Novosti

Details: The law states that Putin decided to introduce special economic measures against certain Ukrainian organisations and citizens in 2018 "in response to unfriendly actions" by Kyiv. The new law was prepared and adopted on its basis.

It provides for a unified approach to the application of special measures aimed at banning or limiting financial transactions, blocking funds and other property, as well as financial transactions carried out for persons subject to restrictions.

Currently, such measures are applied to foreign states, bodies and officials if their actions threaten the interests and security of Russia and violate the rights and freedoms of its citizens.

The new legislative initiative introduces the concept of "blocked persons", which means persons whose funds are blocked within the limits of economic restrictions.

Blocked persons, in addition to foreign states, as well as foreign organisations, citizens, and stateless persons, include legal entities controlled by them, in which such organisations and citizens have the right to directly or indirectly control more than 50% of the votes.

Organisations that carry out operations with money and other property will have to block the operations of such legal entities controlled by foreigners.

Organisers of gambling games in a bookmaker office or totalizer will also be obliged to refuse to accept bets and pay winnings to participants of games to which special economic measures are applied.

The law will enter into force 180 days after its official publication.

Background:

• Thousands of Russian officials and civil servants were banned from using iPhones and other Apple products at work, and restrictions on using the American technology company's equipment are increasing due to suspicions of espionage.

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