Some members of the Federation Council do not yet understand how to bring their accounts into compliance with the new law banning officials from storing money in foreign banks, Federation Council Speaker Valentina Matvienko told reporters in St. Petersburg on Thursday.

Matvienko noted that she discussed this issue with a number of parliamentarians, Interfax reports .

“The law must be adopted in the near future; after the adoption of the law, each member of the Federation Council will have three months to make a decision: either transfer accounts to Russian jurisdiction, or, if for some reason this is impossible, write a letter of resignation,” she emphasized Matvienko.

The speaker did not rule out that some senators may leave the chamber after the law comes into force, but noted that it is too early to talk about this.

President Vladimir Putin signed decrees on April 2 that extended the deadline for officials to file expense declarations until July 1, 2013. Thus, civil servants were given a three-month transition period to get rid of foreign accounts.

Senators have not yet figured out the new law on foreign accounts