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Dmitry Medvedev signed the Federal Law On Amendments to Article 6 of the Federal Law On Foreign Investments in the Russian Federation and Federal Law On Procedures for Foreign Investments in Business Entities of Strategic Importance for National Defence and National Security.
The Federal Law eliminates the requirement for preliminary approval of certain transactions involving international financial institutions included in the list approved by the Government of the Russian Federation.
The Law modifies some of the criteria used to determine the control of a foreign investor or group of investors over a business entity of strategic importance.
Certain forms of activity are excluded from the list of activities of strategic importance for national defence and national security.
In addition, the Federal Law specifies the procedure for processing applications and making decisions by the Government Commission on Monitoring Foreign Investments in Russia.
November 17, 2011