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Putin bans officials from owning foreign accounts

Published on NewsOK Modified: February 12, 2013 at 8:07 am •  Published: February 12, 2013

MOSCOW (AP) — President Vladimir Putin has submitted a bill that would ban Russian Cabinet members and other senior officials from having foreign bank accounts and owning foreign stock, the Kremlin said Tuesday.

The proposal also applies to the officials' wives and underage children.

The Kremlin said that the measure is aimed at "ensuring national security, establishing order in lobbyist activities, increasing investment in the national economy and raising efficiency of anti-corruption efforts."

Putin first mentioned the move in his state-of-the nation address in December, casting it as part of efforts to make officials accountable to the public. "How can you trust an official or a politician who rants about Russia's benefit but tries to keep his money abroad?" he said in the speech.

Some observers, however, saw it as part as an increasingly isolationist course Putin has taken since his election to a third presidential term and warned it could lead to a split in Russia's ruling elite.

Putin accused the U.S. of staging massive protests against his rule, and he initiated the passage of a series of repressive bills after his inauguration in May. Russia also expelled the U.S. Agency for International Development and scrapped several bilateral cooperation agreements with the U.S.

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