Putin Tightens Grip on Russians Abroad and Cryptocurrency

President Vladimir Putin has signed several laws that expand state oversight of Russian citizens and the economy. One law imposes sweeping financial, property, and consular restrictions on Russians living abroad who have been convicted in absentia, including under legislation used to prosecute Kremlin critics.

The new restrictions will apply to Russians convicted of any criminal offense as well as selected administrative offenses, including violations of Russia's 'foreign agent' rules. Those listed will be barred from using remote banking services or accessing state and municipal services online. Their money and other assets will be frozen, and transactions involving their property will be blocked.

Russian embassies and consulates will also be prohibited from issuing them new passports or most official documents. The only exception specified in the law is a certificate confirming that the person is alive.

Separately, Putin signed legislation legalizing cryptocurrency trading under strict Central Bank oversight from September 1. Cryptocurrencies can be bought and sold only through institutions regulated by the Central Bank, including exchanges, brokers, asset managers, cryptocurrency exchanges, and digital depositories.