Russian President Vladimir Putin signed a law on Friday that freezes the assets of blacklisted foreigners.

Iran PressEurope: Russian President Vladimir Putin on Friday signed a law allowing Russian banks and other financial institutions to block the assets of sanctioned foreign organizations and individuals. 

The law allows Moscow to freeze the funds and property of legal entities controlled by foreign citizens and organizations against whom Russia has imposed what it calls “special economic measures.”

It also restricts financial transactions carried out “in the interests” of sanctioned foreigners. 

Pawnshops, micro-lenders and bookmakers are listed as some of the other financial institutions that are banned from performing operations with sanctioned foreigners.

Russia’s Central Bank is authorized to slap six-month restrictions on these financial institutions if they are found in violation of the “special economic measures.”

Since the beginning of the Ukraine conflict, Western countries have confiscated more than 330 billion dollars of the Russian Central Bank's assets abroad.

Under international law, a country's property can be confiscated through a UN Security Council vote, an International Court of Justice ruling, or a post-war agreement.