Russia has launched a law to freeze the assets of foreign organizations facing sanctions President Vladimir Putin has signed a law that all...
Russia has launched a law to freeze the assets of foreign organizations facing sanctions
President Vladimir Putin has signed a law that allows Russian banks and other financial institutions to freeze the assets of sanctioned foreign groups and individuals.
The law allows Moscow to close the accounts and assets of foreign-controlled legal entities and organizations that Russia has imposed what it calls special economic protection measures.
Also, the law prohibits financial transactions conducted for the benefit of foreigners that have been sanctioned.
In the list of companies that are affected, there are stores, lenders and other financial institutions that have been stopped from doing business with foreigners who have been sanctioned.
The Central Bank of Russia has authorized to impose six-month sanctions on these financial institutions if they are found to be violating special economic measures.
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