Russia to limit foreign investment

The Kremlin says a tight government grip is necessary to bolster its own economy.

    Putin says the government needs to keep a tight grip on foreign investment in key Russian sectors [EPA]

    Commission review
     
    A commission made up of Russian economic and security officials will review deals made from foreign companies that want to buy a state company in one of the named strategic sectors.

     

    These include aviation, mining, fishing, media, arms production and other defence-related industries.

     

    The Kremlin has sought to set up state corporations in key industrial sectors, saying a tight government grip is necessary to bolster the economy.

     

    It has also put pressure on foreign oil companies as it consolidates control over its natural resources.

     

    Despite the measures, Vladimir Putin, Russia's president, sought to reassure overseas investors on Wednesday.

     

    Speaking to Italian businessmen, he said: "We intend to widen and make easier the conditions for investors through administrative regulations and investment law.

     

    "International economic institutes recognize Russia as one of the most

    attractive countries for investors."

    SOURCE: Agencies


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