MOSCOW, October 15 (RAPSI) – President Vladimir Putin has signed the controversial legislation limiting foreign ownership of media assets to 20% into law, which was published Monday on the government's official legislation portal.
Previously, foreign entities could own up to half of any media asset in Russia.
In addition to curbing the cut of foreign shareholders, the new law stipulates that foreign citizens, stateless individuals and Russian dual citizens cannot legally establish media entities. The law’s sponsor, lawmaker Vadim Dengin, the law will affect some 30 media entities presently operating in Russia, including Forbes and Russian business dailies Kommersant and Vedomosti.
The law establishes and interim period until January 2017, during which the media can adhere its boards and executive positions to the new legislation.