Report: Govt offers to cap foreign stakes in Internet firms to 50%

MOSCOW, Oct 21 (PRIME) -- The Russian government has submitted to parliament a proposal to limit foreign participation in significant local Internet resources with 50% minus one voting share instead of 20% proposed previously, business daily Vedomosti reported on October 19, quoting a source.

If the recommendation is passed, the government is ready to support the initiative. Besides, the bill will be amended with a number of criteria to define an Internet resource as significant.

The Federal Antimonopoly Service and the communications service earlier suggested some corrections to the document and welcomed it overall.

The Digital Development Ministry opposed it. Business thinks the idea will create obstacles for attracting foreign capital to the country.

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