MOSCOW, June 21 (RAPSI) – The State Duma adopted a draft law imposing a ban on the issuance of licenses for developing Russia’s vital mineral resources to foreign companies in the third and final reading on Tuesday.
According to the bill, foreign citizens and companies will be banned from using the national subsurface resources. To continue working they must establish a legal entity in Russia and transfer the subsoil rights to them, the document reads.
The draft law also stipulates that valid licenses belonging to the foreigners are to be delivered to Russian individuals or returned to the unallocated subsoil reserve fund.
This ban will protect Russia’s economic interests, the State Duma Chairman believes. The need to make such a decision became obvious in the situation of sanctions pressure, he stated.