Upon the entry into force of a new law that would ban Russian officials from holding property abroad, the state employees will have to report annually on their possessions abroad and will get six months for the transfer of assets back to Russia, according to the First Deputy Chairman of the State Duma Committee on Constitutional Law and one of the authors of the new bill Vyacheslav Lysakov.

The deputies of the State Duma introduced a bill prohibiting state employees at all levels from having property abroad and from opening accounts in foreign banks. The sanctions for the violation of the new law will be a fine of up to 10 million roubles or up to five years in prison.