(Reuters) – Russia’s lower chamber of parliament approved a draft bill banning Russian banks from disclosing “banking secrets” to foreigners. The State Duma released a statement Wednesday in keeping with Russia’s latest efforts to safeguard the financial sector.

Russian banks have allowed Russian firms and banks not to disclose any information regarding securities or lists of contractors to help them avoid possible sanctions.

Russia’s central banking has stated it won’t publish financial statements for banks until October.

In a statement, the Duma stated that Russian credit institutions would no longer be permitted to give information to foreign authorities about their customers and transactions. It also said they will not provide any details about beneficiaries or beneficial owners.

The law “will minimize the risks associated with unfriendly states adopting changes to national legislation acts aimed at getting from foreign banks under the threat penalty, confidential information constituting an banking secret,” Duma stated. However, exceptions could exist.

According to the statement, lawmakers approved the bill on its third and final reading. It must be approved by parliament’s upper chamber and signed by Vladimir Putin before it can enter force. These steps are considered a formality.

As Russia reacts to severe sanctions imposed on Ukraine, the central bank said that it will no longer publish names of the banks linked to Moscow’s SWIFT alternative payments network. It temporarily stopped publishing foreign trade data monthly.