OREANDA-NEWS. February 10, 2012. The Association of European Business (AEB) takes interest in the enforcement practice and liberal novelties in the field of foreign investments in the Russian economy. To obtain the most complete information, АЕБ specially organized a “Round Table” in Moscow on this theme with participation of the Federal Antimonopoly Service (FAS Russia), reported the press-centre of FAS Russia.

Deputy Head of FAS Russia, Andrey Tsyganov, the Head of FAS Department for Control over Foreign Investments, Svetlana Levchenko, and Deputy Head of FAS Department for Control over Foreign Investments, Armen Khanyan, took part n the Round Table.

Andrey Tsyganov talked about the accumulated FAS practice in the field of control over foreign investments in strategic business entities and changes to the federal law on foreign investments in strategic companies. FAS representatives answered numerous questions regarding novelties.

Organizers and attendees of the “Round Table” emphasized importance and essentiality of such meetings and thanked FAS representatives for their openness and participation in the event.

“Liberal novelties that have been recently introduced in the Russian law on foreign investments, which we discussed at the Round Table, will improve investment climate of the Russian economy. These novelties are aimed at removing excessive administrative barriers for investors”, said Deputy Head of FAS Russia, Andrey Tsyganov.

Reference:

On 18th December 2011 came into force No.322-FZ Federal Law “On Introducing Amendments to Article 6 of the Federal Law “On Foreign Investments in the Russian Federation” and the Federal Law “On the Procedures for Foreign Investments in the Business Entities of Strategic Importance for National Defence and State Security” of 17th November 2011, that provides for measures liberalizing control over foreign investments in strategic sectors of the economy of the Russian Federation.

The amendments, in particular:

- Exclude control over transactions between organizations that are controlled by Russian owners as well as transactions involving international financial organizations, the list of which are to be approved by the Government of the Russian Federation;

- Change the criterion for economic entities being controlled by foreign investors in use of subsoil of federal status – from 10 to 25 % voting shares (equity stakes) of the authorized capital;

- Exclude the following from the list of strategic activities: exploiting sources of radiation by economic entities in the civil sector of the economy, for whom such activity is not the main one, and information encryption by the banks (without participation of the Russian Federation).

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The Association of European Business (AEB) – is a big and influential business association in Russia that comprises over 600 leading European and international companies. AEB members make a lion’s share of foreign investors in Russia.

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FAS Russia is an authorized body for control over foreign investments in the Russian Federation. The antimonopoly authority gives opinions on received petitions, carries out inspections, and prepares informational and analytical materials and proposals regarding possible decisions for the Commission of the Government of the Russian Federation that makes decisions on petitions filed under the law on foreign investment in strategic enterprises.