The government has proposed to expand the use of economic sanctions
The Russian government submitted to the state Duma draft amendments which will allow to extend the economic restrictions on legal entities in which sanctioned foreign companies and citizens have more than 25%.
Under current law restrictions can be imposed on foreign companies and citizens, inter-state foreign trade contracts and programs. About controlled foreign company in documents not mentioned.
"Under a legal entity controlled by a foreign organization and (or) foreign nationals and (or) persons without citizenship is understood as a legal entity in which these persons and (or) the organization shall have the right, directly or indirectly, independently or jointly manage ... more than 25% of the votes in the Supreme management body of the controlled organization", - is spoken in published in the electronic database of the state Duma the bill.
The law in adopting will require including banks, insurers and operators to receive payments, pension funds, microfinance organizations, pawnshops, operators of gambling organizers and operators of lotteries to block transactions with monetary funds or other assets of sanctioned individuals and entities. the Central Bank can revoke the license of a number of organizations supervised by him in case of repeated violation during the year.
At the same time, the locking face under the amendments, will be able to conduct operations with monetary funds or other assets for the receipt and disbursement of pensions, scholarships, allowances, social payments and also for paying taxes and penalties.
The effect of these measures is proposed to extend the restrictions that are imposed in connection with the unfriendly actions of Ukraine in relation to citizens and legal entities of Russia from October 22, 2018. The decision on such sanctions made by the Russian President on the proposals of the security Council.