Russian President Vladimir Putin has signed a law on blocking the funds of foreign citizens who fell under Russia’s restrictions. The law will come into force in six months.
The blocking of funds may apply both to foreign states and entities, as well as to citizens and stateless persons.
Additionally, funds may be frozen in legal entities controlled by them, where they have more than 50% of votes in a supreme governing body.
All financial institutions will have to block transactions with their funds and property, otherwise their license could be revoked. The process is controlled by the Bank of Russia.
Even bookies and sweepstakes are prohibited from working with blacklisted persons.