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Foreign glossies likely to stay in Russia despite new media ownership law — watchdog

November 12, 2014, 16:12 UTC+3 MOSCOW

According to deputy head of Russia's media watchdog, foreign media will find a loophole

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© ITAR-TASS/Dmitry Serebryakov

MOSCOW, November 12. /TASS/. Popular foreign glossy magazines will probably stay on Russian news-stands even if new restrictions limit foreign capital in media outlets at 20%, Maxim Ksenzov, deputy head of Russia's media watchdog told journalists Wednesday.

"Frankly speaking, I see no serious problems here. It is clear to everyone that local laws must be observed," the official said.

But "if someone has really big business in Russia they will find a way out - business can always find a loophole,"he said.

A parliamentary bill was passed in October restricting foreign shareholder-participation in Russian mass media charter capital at 20% and banning foreigners from co-founding mass media. The new is to take effect on January 1, 2016.

Media groups have been given until February 1, 2017 to align corporate structure with the new law. Documents identifying managers and co-founders must reach the regulator by the February 15, 2017 deadline.

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