Duma passes bill to arrest foreign funds under sanctions in 1st read

MOSCOW, Oct 27 (PRIME) -- The State Duma, parliament's lower chamber, passed in the first reading a draft law permitting to arrest funds and property of foreign organizations and citizens under Russian economic sanctions on Tuesday.

The bill was designed to establish a legal framework for special economic measures forbidding transactions in the interests of sanctioned firms and people.

Under the bill, the central bank will receive the right to recall licenses of banks in case of multiple violations of the requirement in 12 months.

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