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14

Gazprom Shares Will Be Open For Foreign Ownership

The Russian government has submitted a draft law on the removal of limits on foreign ownership of Gazprom shares to the Kremlin

The Russian government has submitted a draft law to remove limits on foreign ownership of Gazprom shares to the Kremlin, for approval by the president, the Interfax agency reported.

President Vladimir Putin is expected to sign the decree once the necessary legislation is approved by the State Duma, which will hold second and third readings of the draft law on Friday, Dec. 9, making a year-end deadline for the long-promised liberalization feasible.

The move will lift the current 20-percent limit on foreign ownership of the gas giant?s shares and will transfer Gazprom into the heaviest-weighted stock in the benchmark Morgan Stanley Capital International global emerging market index, which is tracked by global investors with $3 trillion in assets.