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Russian Deputies Fight Officials’ Foreign Assets, Vedomosti Says

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Aug. 2 (Bloomberg) -- Five Russian lawmakers, representing parties from United Russia to the Communist Party, submitted a draft law to the lower chamber of parliament that would bar state and defense officials from possessing assets and bank accounts overseas, Vedomosti said.

Deputies want to apply the ban on families of state officials as well, the newspaper said. If passed, the initiative gives officials six months to get rid of assets. Sanctions for violations may include a fine of 10 million rubles ($310,000) and as long as five years in jail, Vedomosti said.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net