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. Last Updated: 07/27/2016

Foreign Ownership Plan Submitted

The Industry and Energy Ministry has submitted to the government amendments to rules on foreign ownership of strategic sectors of industry.

The amendments limit foreign participation in seven industry sectors and set out the size of deposits that will be declared "strategic," according to ministry documents. "The sectors include production of special equipment, arms and military equipment, aerospace, space, atomic energy, activities involving monopolies and developing deposits of federal significance," the documents said.

Foreign participation in the sectors will be limited to 50 percent unless a potential investor has special permission to get a bigger share. The government will rule on cases of foreign participation within three months and up to six months in exceptional cases.

The amendments will change the existing subsoil law to declare as "strategic" oil deposits of more than 70 million tons, gas of 50 billion cubic meters, copper of 500,000 tons and gold of 50 tons.