Andrey Yunak: attracting foreign investments is a pledge for developing competition

At a meeting of the Localization and Procurement Committee of American Chamber of Commerce in Russia, Head of FAS Department for Control over Foreign Investments, Andrey Yunak outlined the procedure for transactions with strategic economic entities (under No.57-FZ Federal Law) and the procedure for considering the relevant petitions by the Antimonopoly Service.

Discussing the specifics of control over foreign investments in economic entities involved in strategic activities, FAS representative pointed out that the antimonopoly authority is in constant dialogue with all interested parties. “We undertake efforts towards pin-point improvement of the law on foreign investments, maintaining its consistency as an absolute priority”, stated Andrey Yunak.

According to Head of FAS Department for Control over Foreign Investments, in 9 years of enforcement of No.57-FZ Federal Law, FAS received 465 petitions, of which 221 were considered by the Government Commission and only in 13 cases transactions were not allowed. Currently the Department is considering 13 petitions.

FAS representative emphasized that the Antimonopoly Service is ready for an open dialogue and interaction with foreign business associations to make their life in the Russian Federation easier.

“We are interested in encouraging investments in Russian economy since it facilitates development of competitive environment”, pointed out Andrey Yunak.

In 2016, the total amount of foreign investments in strategic companies reached over 7 billion dollars.