New law prohibits offshore firms’ participation in privatization

MOSCOW, Jun 21 (PRIME) -- The State Duma, the parliament’s lower house, has passed a law, which prohibits participation of offshore firms and Russian companies directly or indirectly controlled by such companies in privatization of state-owned and municipal property, including corporate shares, real estate and plots of land, in the third and final reading on Wednesday.

The law also implies that offshore-based companies may not make deals or other actions to obtain control over companies of strategic importance for Russia’s security.

The list of territories considered as offshore will be compiled by the Finance Ministry, a State Duma deputy Nikolai Nikolayev said earlier.

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