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. Last Updated: 07/27/2016

Gref Says 39 Sectors Restricted

Russia plans to limit foreign investment in 39 sectors of the economy, including arms manufacturing and nuclear energy, Economic Development and Trade Minister German Gref said in a Cabinet meeting Thursday.

"We will define a range of sectors, at the moment there are 39 of them, where foreigners would need permission to acquire a controlling stake [in an enterprise]," Gref said.

However, Gref said Russia had no plans to limit investment in natural resources such as oil and minerals, except for "strategic" deposits.

The government plans to name around six such deposits, including big oil, gold and copper fields, in a new law on subsoil use.

Deputy Economic Development and Trade Minister Kirill Androsov told a conference this week that the Russian authorities had still not managed to reach a consensus on how to regulate foreign investment in so-called strategic sectors.

He said some officials wanted to use a permit-based approach, whereas others wanted to take a liberal line, allowing investment up to specified shareholding limits in sensitive sectors such as nuclear energy or defense.