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31 Jan, 2007 12:04

Russian government to restrict access to strategic sectors

Russian government to restrict access to strategic sectors

Russia's Federal Security Service will have the final say on government decisions that grant foreign investors access to the country's strategic sectors.  Energy Minister, Viktor Khristenko, made the statement on the issue on Wednesday.

The drive to protect sectors linked to national security was launched two years ago.

Under the latest proposals, privately-owned foreign companies bidding for majority control in Russian entities will need both government and FSB permission.

Foreign investors will be barred from getting a controlling stake in deposits defined as strategic.

“We will be able to raise the interest of foreign investors to put in considerable sums into the Russian economy. We will, on the other hand, benefit from their knowledge, modern technologies and management experience in order to develop our production and make it more competitive. We are not going to restrict foreign investor's participation in the country's economy just for the sake of it. At the same time we don't want to give access to the companies that have a significant competitive potential for Russian economic development,” Mr Fradkov, Russia's Prime Minister, stressed.