On 28 December 2024, Russian president Vladimir Putin signed into law a bill which banned “foreign agents” from accessing passive income perceived in Russia, such as profits from deposits, dividends, copyright payments and renting property. Additionally, “foreign agents” will no longer be able to access money made from selling vehicles or property.

According to the new law, money received from these sources will be credited to a special account, which the “foreign agent” will not be able to access. Money on the account will be returned to its owner only once they are removed from the list of “foreign agents”. However, there are hardly any cases of individuals being removed from the list.

The law will target hundreds of Russians designated as “foreign agents”, a large proportion of which are journalists who fled the country following the start of Russia’s full-scale invasion of Ukraine. Some of those who fled continue to own property in Russia, and will thus no longer be able to receive rent payments and other proceeds from property and other assets detained in Russia.

Vyacheslav Volodin, the speaker of the Russian State Duma (lower house of parliament), earlier justified the need for the law in the following terms: “Those who betrayed our country should not enrich themselves at the expense of its citizens and use the money earned in Russia against it.”

Initially adopted in 2012, Russia’s law on foreign agents has since been revised several times to include an ever-wider range of potential targets for state-sponsored discrimination. Currently, any organization, media or private individual can be designated as such simply by being declared to be “under foreign influence” by the Russian Ministry of Justice or because of receiving funds of any amount from abroad (or from an entity itself receiving foreign funds). “Foreign agents” are also barred from receiving state financing, teaching at state universities, working with minors and providing expertise on environmental issues, among other restrictions.