Draft Law No. 503176-5, which has been introduced in the State Duma, is intended to alleviate the barriers to foreign investment in strategically important Russian companies (the “Draft Law”).
Among the main amendments, the Draft Law specifically proposes:
- excluding the cryptography activities of banks from the list of activities of strategic importance (save for banks in which the Russian Federation has a share in the charter capital); and
- increasing the time period up to 30 days for the conclusion of an agreement between a foreign investor and an authorised body.
Adopting the Draft Law should eliminate excessive administrative barriers to foreign investment, and it will likely be the next step in simplifying investment in the banking sector.
[Draft Law No. 503176-5 “On Amending the Federal Law ‘On the Procedure for Investing Foreign Capital in Business Companies of Strategic Importance for the Defence of the Country and Safety of the Government’”, dated 17 February 2011]