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. Last Updated: 07/27/2016

Parliament Passes Foreign Investor Bill

After years of debate and being vetoed by President Boris Yeltsin last summer, the State Duma has passed a bill on foreign investment that defines the rights of Western investors in Russia.

Attorneys, however, were quick to brand the bill as window dressing, making little change to the 1991 law that it is supposed to replace.

"There are no surprises in this bill - the good intentions are wrapped in a conceptual muddle and implementation will depend on further legislation that has not yet been drafted. It may be evolutionary, but not revolutionary," said John Hammond, partner at Cameron McKenna, international law firm.

The foreign investment bill must still be passed by the Federation Council, Russia's upper house of parliament, and then signed by Yeltsin to become law. The Federation Council is expected to consider the bill sometime in mid-May.