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Russian State Duma passes law restricting foreign ownership of TV broadcasters

Russia
12/07/2001
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On 5 July 2001, the State Duma (the lower house of parliament of the Russian Federation) passed a law amending the federal law "On Mass Media".

The amendments provide that no foreign legal entity, no Russian legal entity which is 50% or more foreign owned and no Russian citizen with dual nationality may establish a national TV company.

A national TV company is defined by the amendments as one which broadcasts to 50% or more of the political regions of Russia or to territory where 50% or more of the Russian population lives.

Further, it is prohibited to sell or otherwise allot shares in a national TV company if such sale or allotment would increase foreign share ownership to 50% or more of the total equity. Those foreign shareholders who do own in excess of 50% of a national TV company are to be given 12 months from the date that the amendments become law to dispose of their shares.

The amendments will become law when they have been passed by the Upper House of Parliament and signed by the President.

For further information, please contact David Griston at [email protected] or on + 7 501 258 5000.

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