Russia's Ministry of Finance has drafted a new bill designed to block payment transactions with international online gambling companies.

According to Russian news website RBC.ru, the proposed legislation, which is set to be discussed by the government on Thursday, sets out regulations that would require banks and payment processors to block transactions between punters in the country and international operators.

Should the bill gain approval, the Federal Task Service would create a blacklist of Russian and international companies and individuals that participate in illegal online gaming activities, with the list to then be sent to financial institutions in the country, which would in turn block future transactions.

The proposed bill was first put forward in 2015, but the initial draft encountered heavy opposition from certain government ministries and a number of leading financial institutions, and was put aside.

However, with the Russian government keen to ensure all gambling transactions in the countries are processed through its approved methods, the bill has been amended and updated.

Russia estimates that $3 billion (€2.8 billion) is spent each year on illegal online gambling activities involving international operators.

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