Russian President Vladimir Putin has signed a law on blocking the funds and assets of foreign legal entities subject to restrictive measures imposed by Russia. The law came into effect on August 4 and provides a unified approach to applying special measures aimed at prohibiting or restricting financial operations, blocking funds, and other assets of those entities that have fallen under restrictions.
The document obligates credit, insurance, and microfinance organizations, financial platform operators, and information systems issuing digital financial assets, as well as operators of digital financial asset exchange, to block transactions related to such foreign-controlled legal entities.
The Central Bank will have the authority to apply various measures of influence to organizations that fail to fulfill the obligation to block funds and, in cases of repeated violations within a year, to revoke their licenses.
The law requires gambling organizers to refuse to accept bets and pay out winnings to participants subject to special economic measures. In case of regular violations within a year, the Federal Tax Service of Russia can demand the annulment of licenses of such organizers through the court.
The law will come into force 180 days after its official publication. These measures will be applied to foreign legal entities against which Russia has imposed restrictions in response to unfriendly actions.
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