OREANDA-NEWS. February 22, 2011. The draft Law on introducing amendments to the Federal Law “On Procedures of Foreing Investments in Business Entities of Strategic importance for National Defence and State Security” was submitted to the State Duma of the Russian Federation, reported the press-centre of FAS Russia.

“The first package of amendments” to No.57-FZ Federal Law “On Foreign Investments…” is approved by the Commission of the Government of the Russian Federation on Legislative Drafting and by the Presidium of the Government of the Russian Federation.

As stated by the Head of the Federal Antimonopoly Service (FAS Russia) Igor Artemyev, the amendments are aimed at protecting national defence of the Russian Federation while liberalising control over foreign investments in strategic industries. The new amendments to the Law significantly improve the procedures for filing and processing petitions and enable reducing administrative barriers.

In particular, the draft Law:

- excludes from the list of strategic activities: banking (except the banks with state participation; use of infectious agents of the IV group of pathogenicity; operation of radiation sources of the 4th category of potential radiation risk;

- eliminates control over transactions in the use of subsoil resources exercised as part of an additional equity issue, if it does not increase the share of a foreign investor in the authorised capital of the use of subsoil resources.