The State Duma approved a ban on the development of domestic mineral resources for foreign companies

AK&M 21 June 2022 14:03

The State Duma adopted in the third, final reading the law "On Amendments to the Law of the Russian Federation "On Subsoil", which introduces a ban on the issuance of licenses for the development of subsoil to foreign companies. This is stated in the message of the lower house of parliament.

In accordance with the law, foreign citizens and legal entities are excluded from the number of subsoil users in Russia. To continue working in our country, they will have to create legal entities in the Russian Federation and transfer to them the rights to use subsurface areas.

The current licenses for the right to use the subsoil, the owners of which are foreigners, will be transferred to Russian persons or returned to the undistributed subsoil fund.