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Presidential bill bans foreign bank accounts for civil servants

Published time: June 24, 2014 09:14
Russian President Vladimir Putin (RIA Novosti / Alexei Druzhinin)

Russian President Vladimir Putin (RIA Novosti / Alexei Druzhinin)

Vladimir Putin’s draft law forbids all staff involved in state administration and strategic industries from holding foreign bank accounts. The draft also requires income reporting for state employees of all levels.

The new bill published on the State Duma website on Tuesday continues the anti-corruption drive and the tendency for the ‘nationalization of the elites’ that started in 2013 and so far has resulted in the law that bans top state officials, both elected and appointed, from holding bank accounts abroad or owning foreign-issued shares and bonds. The restrictions also touched upon heads of major state owned corporations.

The presidential draft broadens the list of those who fall under restrictions to all “involved in preparing the decisions concerning the sovereignty and national security of the Russian Federation” and all people who occupy state service positions in the Central Bank and state corporations, funds and similar organizations. The exact list of positions that will be subject to restrictions will be drafted after the parliament passes the framework bill.

Civil servants will also have to report their spending if the price of their acquisitions, be it real estate, cars or securities, exceeds the three-year combined income for themselves and their spouses. Additionally, any candidate for a post in a state agency or a state owned company would have to report his/her income and financial obligations.

Other anti-corruption amendments include a list of remands and sanctions that could be levied on police officers for poorly executing their duties, up to dismissal ‘caused by a loss of trust’ – a formula that means that the fired officer lied in his/her income declaration, possessed foreign securities or bank accounts, managed a business entity or ran a foreign NGO or its Russian affiliate.

The new rules have already caused major changes in Russian politics – major entrepreneurs with international businesses either had to sell their assets, like deputy Moscow Mayor Maksim Liksutov, or give up their political career, like billionaire Roman Abramovich, who has stepped down as the chairman of the legislature of the remote region of Chukotka.

Comments (17)


Drake Chen 25.06.2014 08:20

Sorry while the reasons are sound and just.
Politician s in the end are people, it is up to the people to elect people who can represent the best interest.
It is up to the government to study different system and which benefit the country more, not there own pocket.

Eve n beter is to make sure that politicians after there office run doesn't suddenly become multimillionairs .
For x amount of period, but either way you are tackling a mission impossible ! Cause it is the person not the system, it is the current society not the people.
Who are to blaim, the hype the scam the fake promise of fast road to heaven .


Drake Chen 25.06.2014 08:17

How noble and just this is not the right way to combat corruption and promote a government that will garantee the safety of your country and your way of life.
How about allowing one forgein but public bank account!
So incase of a argument or coup the politicians themself have some place to go. With a set limit on the account.

No you cannot garantee a eternal life of luxury as politican, this is what corrupted the EU parlement they still live above there means, get real 30k€ a month with 15k€ expenses coverage (means in bureaucratic terms budget that has to be used up, or else it will be cut).


Paul 25.06.2014 03:28

Lamotte Cason 24.06.2014 22:06

These are calculating steps ultimately leading to a bigger outcome. Outstanding! If the worth of the U.S. dollar days are numbered because there is nothing backing the paper tender, this would probably be a good move for investors to start getting rid of the greenback now before the rest of the world come to their senses about the U.S. worthless paper dollar trend.


its funny how i can go to russia with 500$ and buy a brand new car OR a new 4 bedroom home for 6000$, yea man the greenback's days are numbered....

View all comments (17)
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