Russia: the influential media receive another major blow

On 26 September 2014 the State Duma in the second and third readings immediately adopted a new law to limit the number of shares which foreign shareholders can hold in Russian media companies (both traditional and Internet-based). The new upper level is 20% and applies both to foreign legal entities and individuals and also to Russian citizens with dual citizenship; it applies to both direct and indirect (i.e. via Russian subsidiaries of foreign companies) ownership. The law enters into force on 1 January 2016; the transitional period will last until 1 January 2017. At present, shares held by foreign companies or individuals may not exceed 50%. This however applies only to the electronic media and the press with a circulation in excess of a million.