Putin's bill doesn't ban officials from owning real estate abroad, but obliges them to include it in their income declarations, which are made public.
Sergei Zheleznyak, a deputy speaker of the lower house of parliament and a member of the main Kremlin party, the United Russia, told reporters Tuesday that the new bill "answers the public demands."
Last fall, lawmakers in the State Duma gave a tentative approval to a similar bill, which will now be merged with Putin's initiative. The Duma hasn't yet set a date for considering the new bill, but it's expected to be approved quickly.
Once it becomes law, Russia's top officials will have three months to close their foreign bank accounts and sell their foreign stock.