Attract as much as possible foreign investment into Russia in the developing global crisis. Such has been the task set by Prime Minister Medvedev for his government. He is suggesting that Russian legislation should be amended to simplify access for foreign investment into strategic sectors. Another important thing to be done is the elimination of obstructions for investors in non-strategic companies.

Among the suggested innovations is the elimination of administrative barriers to foreign investors in transactions with strategic companies and simplification of control procedures. There will be no preliminary approval of transactions in the sphere of mineral resources to foreign investors, who already own 75% stake in strategic companies working with underground resources of federal significance (the notion of “underground resources of federalsignificance” was introduced into the law on underground resources in 2008 as part of national security).

The government’s draft amendments to the legislation also exclude the use of bacteria in food production from the list of strategic activities.

The proposed changes are necessary for the liberalization of the Russian legislation. They will make it more transparent and predictable, as well as reverse the investment risks. The innovations, above all, affect big players who are ready for large-scale and long-term investments in the Russian economy.