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Russian parliament passes draft to curb foreign investment
Published in Saudi Press Agency on 21 - 03 - 2008


Russia's parliament on Friday voted 355 to 3 in
favour of draft legislation limiting foreign investment in strategic
sectors including oil and gas, publishing, telecoms and fishing, news
agency Interfax reported, according to dpa.
Under the bill, foreigners are forbidden from buying a significant
stake in companies without government approval in industries defined
as crucial to national security.
Friday's vote brings one step closer to being enacted a law that
has drawn criticism at home and provoked concern among foreign
investors who fear more state bureaucracy blocking business deals.
The Kremlin administration personally oversaw amendments extending
the list of sectors viewed as strategic and other fine points of the
bill, said Martin Shakkum, head of the Construction and Land Policy
Committee, which with the cabinet is sponsoring the law.
Shakkum judged Friday that the bill, now in its second reading,
would not be seriously revised before the third and final reading
after which it will be put before Russia's upper house and President
Vladimir Putin to be signed into law.
The bill requires foreign investors to seek the approval of a
government commission to acquire more than 50 per cent of a company
in one of the wide-ranging sectors defined as "strategic."
Russian newspapers listed the nuclear, aerospace and arms
industry, as well as oil and gas, fishing and mass media among the 42
strategic sectors.
But some Russian lawmakers have criticized the breadth of sectors
seen as crucial to defence and security.
The Minister of IT and Communications, Leonid Reyman, said last
week that the bill could impede investment in the telecommunications
market and cause a slow-down in the booming industry.
It could take anywhere up to six months for approval on business
deals from a comission headed by the prime minister, according to
Russian media estimates.
If passed into law, Putin, who has promised to become prime
minister after May, would then be the first to head the new
commission deciding on foreign requests to invest in strategic
sectors.


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