Russian Cabinet approves draft bill on foreign investment

The Russian government on Wednesday approved a long-awaited draft law laying out the rules for foreigners seeking to invest in strategically important industries, Russian news agencies reported Wednesday.

Industry and Energy Minister Viktor Khristenko told the cabinet that the draft law would require foreigners seeking to acquire a controlling stake in an enterprise or natural resource deposit which the law defines as strategic to apply to an appropriate state body, reports AP.

Applications would then be approved by a government commission. The president would retain the right of veto in certain cases, Khristenko said.

Ten oil and 26 gas fields have been designated strategic, Natural Resources Minister Yury Trutnev was quoted as saying by the Interfax agency.

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