I was trying to figure out why the passed this law now. That makes sense-- as a tool to ensure loyalty. Otherwise, with all the already existing pressure coming from the falling value of the ruble, I don't know what use Putin would have of scaring his officials. Putin himself certainly already has enough money to weather any storm himself.

At same time this is also populist message to Putin supporters among regular working class citizens "see? our grand leader gonna finally shake them pesky rich thieves!"