President Vladimir Putin has submitted a bill to parliament that would ban senior Russian officials, their spouses, and underage children from holding bank accounts abroad.
Under the proposed legislation, a wide range of senior government officials will have three months to close their bank accounts abroad, or risk losing their jobs.
The document says the main objective of the ban is to enhance Russian national security, increase investments in the country's economy, and fight corruption.
The lower house of parliament is currently preparing for a second reading of a similar bill that would also ban government officials and military personnel, their spouses, and underage children from owning real estate abroad.
It was not immediately clear whether Putin's proposal will be integrated into the earlier bill, or whether it will replace it.
Based on reporting by RIAN, ITAR-TASS, and Interfax