MOSCOW, March 2 (RAPSI) - The Federation Council, Russia’s upper house of parliament, has adopted a bill introducing fines of up to 1 million rubles ($6,400) for organizing and advertising Ponzi schemes, RIA Novosti reported on Wednesday.

The legislation would amend the Administrative Offenses Code.

Under the bill, organization and promotion of pyramid schemes could result in fines of 5,000 ($67.5) to 50,000 rubles ($675) for individuals; 20,000 ($270) to 100,000 rubles ($1,350) for officials; and between 500,000 ($6,750) and 1 million rubles ($6,400) for companies.

Similar fines would be introduced for public distribution of information about advantages of participating in Ponzi schemes by using in particular mass media or Internet resources.

The legislation is to be presented for President Vladimir Putin’s signature.