ANNOUNCEMENT 31 May 2018
In May 2018, the Russian Government changed the definition of "foreign investor" for the purposes of approval of foreign investment into companies and sectors deemed strategic by the Government.
NUMBER OF INTERVENTIONS
Federal Law N122-FZ dated 31-05-2018, О внесении изменений в отдельные законодательные акты Российской Федерации в части уточнения понятия "иностранный инвестор" (On Amendments to Certain Legislative Acts of the Russian Federation Regarding Clarification of the Notion of "Foreign Investor"), https://rg.ru/2018/06/04/investor-dok.html
On 31 May 2018, Russia's president signed the Federal Law N122-FZ, modifying rules under which foreign investment in certain sectors is subject to government review. The rules are prescribed in the Law on the Procedure for Foreign Investment in Business Entities of Strategic Importance for National Defence and State Security.
After 12 June 2018, when the law enters into effect, foreign entities controlled by Russian residents (both Russian and foreign citizens) will no longer be considered foreign investors. Moreover, the government review procedures and restrictions have been relaxed, provided that the acquirer of an asset discloses their beneficial ownership.