MOSCOW -- President Vladimir Putin has submitted a bill that would ban Russian Cabinet members and other senior officials from having foreign bank accounts and owning foreign stock, the Kremlin said Tuesday.

The proposal also applies to the officials' wives and underage children.

The Kremlin said that the measure is aimed at "ensuring national security, establishing order in lobbyist activities, increasing investment in the national economy and raising efficiency of anti-corruption efforts."

Putin first mentioned the move in his state-of-the nation address in December, casting it as part of efforts to make officials accountable to the public. "How can you trust an official or a politician who rants about Russia's benefit but tries to keep his money abroad?" he said in the speech.

Some observers, however, saw it as part as an increasingly isolationist course Putin has taken since his election to a third presidential term and warned it could lead to a split in Russia's ruling elite.

Putin accused the U.S. of staging massive protests against his rule, and he initiated the passage of a series of repressive bills after his inauguration in May. Russia also expelled the U.S. Agency for International Development and scrapped several bilateral cooperation agreements with the U.S.

Tensions between Moscow and Washington reached a new high in December after the approval of a U.S. law targeting Russian human rights violators. The Kremlin retaliated by banning U.S. adoptions of Russian children.

Putin's bill doesn't ban officials from owning real estate abroad, but obliges them to include it in their income declarations, which are made public.

Sergei Zheleznyak, a deputy speaker of the lower house of parliament and a member of the main Kremlin party, the United Russia, told reporters Tuesday that the new bill "answers the public demands."

Last fall, lawmakers in the State Duma gave a tentative approval to a similar bill, which will now be merged with Putin's initiative. The Duma hasn't yet set a date for considering the new bill, but it's expected to be approved quickly.

Once it becomes law, Russia's top officials will have three months to close their foreign bank accounts and sell their foreign stock.

Also on HuffPost:

Loading Slideshow...
  • The Hunter

    Russian Prime Minister and President-elect Vladimir Putin shoots with a rifle during the the para-Olympic biathlon championship of Russia in the Krasnaya Polyana ski resort near the sea resort of Sochi, southern Russia, Friday, March, 9, 2012. (AP Photo/RIA-Novosti, Alexei Druzhinin, Goverment Press Service)

  • The Pilot

    A picture taken on August 16, 2005, shows Vladimir Putin, then Russia’s President, sitting in the cockpit of Tupolev Tu-160 strategic bomber jet at a military airport, outside Moscow, before his supersonic flight in the cruise-missile carrying bomber jet. (VLADIMIR RODIONOV/AFP/Getty Images)

  • The Horse Whisperer

    In this Sept. 2010, photo released on Saturday, Oct. 30, 2010, Russian Prime Minister Vladimir Putin pats a horse during his trip in Ubsunur Hollow in the Siberian Tyva region (also referred to as Tuva), on the border with Mongolia, Russia. (AP Photo/RIA Novosti, Alexei Druzhinin, Pool)

  • The Hockey Star

    Russian Prime Minister Vladimir Putin takes part in a training of ice hockey players of the USSR Hockey Legends club at the Megasport Arena in Moscow, Friday, Nov. 18, 2011. (AP Photo/RIA Novosti, Alexei Nikolsky, Pool)

  • The Bird Man

    Russian President Vladimir Putin flies in a motorized hang glider alongside two Siberian white cranes, on the Yamal Peninsula, in Russia Wednesday Sept. 5, 2012. (AP Photo/RIA-Novosti, Alexei Druzhinin, Presidential Press Service)

  • The Diver

    In his wetsuit, Putin embarks on a dive to an underwater archaeological site at Phanagoria on the Taman Peninsula on Aug. 10, 2011. (Alexey Druzhinin / AFP/Getty Images)

  • The Siberian Explorer

    In this Sept. 2010 photo released on Saturday, Oct. 30, 2010, Russian Prime Minister Vladimir Putin rides a horse during his trip in Ubsunur Hollow in the Siberian Tyva region (also referred to as Tuva), on the border with Mongolia, Russia. (AP Photo/RIA Novosti, Alexei Druzhinin, Pool)

  • The Fisherman

    In this Sept. 2010 photo released on Saturday, Oct. 30, 2010, Russian Prime Minister Vladimir Putin holds a fish during his trip in Ubsunur Hollow in the Siberian Tyva region (also referred to as Tuva), on the border with Mongolia, Russia. (AP Photo/RIA Novosti, Alexei Druzhinin, Pool)

  • The Navigator

    In this Sept. 2010, photo released on Saturday, Oct. 30, 2010, then Russian Prime Minister Vladimir Putin carries a hunting rifle during his trip in Ubsunur Hollow in the Siberian Tyva region (also referred to as Tuva), on the border with Mongolia, Russia. (AP Photo/RIA Novosti, Alexei Druzhinin, POOL, file)

  • The Construction Worker

    Russian Prime minister Vladimir Putin gestures as he visits the Solitaire ship in Finnish gulf, 200 km. (125 miles) west of St. Petersburg, Russia, Monday, Sept. 20, 2010. (AP Photo/Dmitry Lovetsky, pool)

  • The Whale Hunter

    Russian Prime Minister Vladimir Putin holds a crossbow as he sits on a rubber boat at the Olga Harbor of Kamchatka Peninsula during a scientific expedition, to study gray whales on Wednesday, Aug. 25, 2010. (AP Photo/ RIA Novosti, Alexei Druzhinin, Pool)

  • The Biker

    Russian Prime Minister Vladimir Putin arrives for the meeting with motorbikers at their camp at Gasfort Lake near Sevastopol in Ukraine's Crimea Peninsula, Saturday, July 24, 2010. (AP Photo/RIA-Novosti, Alexei Druzhinin, Pool)

  • The Farmer

    Russian Prime Minister Vladimir Putin feeds elk calves while visiting the Losiny Ostrov national park in Moscow, Saturday, June 5, 2010. (AP Photo/Alexei Druzhinin, Pool)

  • The Doctor

    Russian Health Minister Tatyana Golikova, Kemerovo Gov. Aman Tuleyev, an unidentified doctor and Russian Premier Vladimir Putin, from left, visit wounded miners at a hospital of Novokuznetsk in the west Siberian region of Kemerovo, Tuesday, May 11, 2010. (AP Photo/RIA Novosti, Alexei Nokolsky, pool)

  • The Polar Bear Subduer/Scientist

    Russian Prime Minister Vladimir Putin, right, fixes a radio beacon on a neck of a polar bear, which was anaesthetized, during a visit to a research institute at the Franz Josef Land archipelago in the Arctic Ocean on Thursday, April 29, 2010.(AP Photo/RIA Novosti, pool)

  • The Judo Fighter

    Russian Prime Minister Vladimir Putin holds a judo training session at the Top Athletic School during his working visit to St Petersburg, on December 18, 2009 (Alexei Druzhinin/AFP/Getty Images)

  • The Centaur

    Russia's Prime Minister Vladimir Putin rides a horse in southern Siberia's Tuva region, on August 3, 2009. (Reuters/RIA Novosti/Alexei Druzhinin)

  • The Politician

    In this Sunday, March 26, 2000, file photo, then acting Russian President and Presidential candidate Vladimir Putin talks with representatives of the news media at a polling station in Moscow. (AP Photo/ Alexander Zemlianichenko, file)