On Tuesday, Russia’s lower house of parliament, the State Duma, passed a bill that grants the financial regulatory authority, Rosfinmonitoring, direct access to comprehensive information regarding Russians’ financial transactions.

This legislation aims to enhance Russia’s capacity to swiftly monitor suspicious financial activities, thereby facilitating the identification of potential money laundering or terrorism financing efforts.

However, detractors have claimed that this initiative could lead to increased financial surveillance and limit the financial freedoms of citizens. Some have also expressed concerns that it may heighten the chances of unwarranted account freezes.

The new law will permit Rosfinmonitoring to gain direct access to transaction information from the National Payment Card System (NPCS), which oversees operations involving Russia’s Mir payment cards, as well as the Fast Payment System (FPS).

This bill still requires approval from the Federation Council, the upper house of parliament, and must be signed by President Vladimir Putin.

Once enacted, the legislation is scheduled to come into effect in September 2026.

Rosfinmonitoring keeps a record of individuals and organizations labeled as “terrorists and extremists,” which mandates banks to freeze all assets belonging to those on the list.

Throughout the years, Rosfinmonitoring has included notable figures from Russia’s political opposition on this list, including politician Lev Shlosberg earlier on Tuesday.