State Duma approves bill to freeze sanctioned foreigners’ assets

MOSCOW, Jul 26 (PRIME) -- The parliament’s lower chamber State Duma on Wednesday approved in the third and final reading a bill that freezes the money and assets of companies controlled by foreign firms and individuals that were sanctioned by the Russian government.

The bill introduces a unified approach to special economic measures aimed at prohibition or restriction of financial operations, blocking of money and assets, and prevention of financial operations in favor of the sanctioned companies and foreigners.

The bill defines the term of a blocked entity, and orders banks, credit institutions, microfinance companies, operators of financial platforms, operators of digital systems that issue digital financial assets, as well as operators of the exchange in digital financial assets to block operations of the companies controlled by the sanctioned foreigners

The bill will come in force 180 days after publication.

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