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Russian media reps call for putting off law on restriction of foreigners’ shares in media

Media people made a proposal to put off effectuation of the bill for one year - to January 1, 2018, from January 1, 2017

MOSCOW, October 10. /TASS/. A possible delay of the law on restricting foreign investors’ stakes in Russian mass media outlets was one of the problems raised at the first meeting of Telecommunications Ministry officials and executives of the media industry, a source who attended the meeting on Friday told TASS.

Media people made a proposal to put off effectuation of the bill for one year - to January 1, 2018, from January 1, 2017.

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Russian upper house approves cutting foreign ownership of mass media

“One year is not enough, and that’s why a proposal was made to prolong the period for one more year,” said another participant in the meeting.

The press service of the Telecommunications Ministry refrained from comments on the situation.

The bill on restricting foreign investors’ stakes to 20% may take effect as of January 1, 2016, and the owners of media outlets will have twelve months at their disposal to bring the corporate structures in line with law.

New documents on owners and founders are to be submitted by February 15, 2017 at the latest. Russia’s watchdog agency in the field of telecommunications and mass media supervision Roskomnadzor will have the power to file lawsuits against the media outlets, which fail to comply with new regulations.

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