MOSCOW, August 17 - RAPSI. As soon as a new law enters into effect imposing a ban on state officials owning property abroad, they will have one year to settle related issues and six months to transfer their assets to Russia, according to First Deputy Chairman of the State Duma Committee on Constitutional Legislation Vyacheslav Lysakov, who is a sponsor of the draft law.

Earlier, deputies submitted to the State Duma a draft law prohibiting state officials from owning property abroad and opening accounts in foreign banks.

Violations stipulate a fine of up to 10 million rubles ($313,550), or five years in prison.

"The draft law prohibits them from purchasing securities outside Russia, opening accounts and having property abroad," Lysakov said during a news conference at RIA Novosti. "Not only them, but their children and spouses as well."

He said officials with assets abroad must resolve all of their property issues and transfer their assets to Russia within six months after the law comes into effect.

If a person becomes a state official after the law has come into effect, he will also be given six months to resolve related issues.