Russian President Vladimir Putin just signed a new law which bans all foreigners from using minerals and other resources found in Russia’s subsoil. This is a strong decree which effectively guarantees that Russia’s formidable natural resources will be entirely in Russian public and private hands.
TASS reported that “to continue working in Russia, foreign companies will have to create legal entities in the Russian Federation and transfer the rights to use subsoil plots to them. Valid licenses for the right to use subsoil held by foreigners will be transferred to Russian entities or returned to the subsoil fund.” They have 30 days to do this.
