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. Last Updated: 07/27/2016

Nanotechnology Firm Approved

The State Duma on Wednesday approved in a third reading plans to create a 130 billion ruble ($5 billion) corporation to develop nanotechnology, part of President Vladimir Putin's effort to reduce the country's economic dependency on oil and gas.

The Duma voted to set up the Russian Nanotechnology Corp.

Nanotechnology is the science of building devices from individual atoms and molecules, which has applications in industries such as consumer electronics, automobiles, health care and environmental management.

The creation of the nanotechnology corporation is one more step toward "building an innovative, high-tech economy," Duma Speaker Boris Gryzlov said in a statement posted on the Duma's web site.

Putin in April called for the establishment of the nanotechnology corporation to select and finance innovative projects. The corporation will be managed by government officials, scientists and representatives of big businesses.