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Russia to further limit foreign ownership in media

Staff writer |
Foreign citizens and companies cannot possess more than 20 percent of shares in Russia's mass media companies, according to a law signed by President Vladimir Putin.




The law covers all mass media in Russia, except those established under international agreements, said a government website.

Foreign citizens, stateless persons and Russian citizens with dual citizenships are not entitled to act as founders of media companies, according to the law approved by the lower and upper houses of the Russian Parliament on September 26 and October 1 respectively.

The new law comes into force on Jan. 1, 2016 with a transitional period until February 2017.

About 30 percent of mass media operating in Russia will be affected, lawmaker Vadim Dengin told RIA Novosti news agency.

Russia's previous law on mass media, adopted in December 1991, allows 50 percent of foreign ownership.