State Duma prioritizes bills on national orientation of businesses in Russia - speaker

MOSCOW. Jan 9 (Interfax) - The elaboration of bills that ensure national orientation of businesses in Russia is a priority of the State Duma, State Duma Speaker Vyacheslav Volodin said.

"It's important that businesses have national orientation and their earnings stay in the country and are used for its development," Volodin said on Telegram on Monday.

A bill banning the issuance of licenses for mineral development and oil and gas production to foreign companies was adopted last year - now the establishment of a legal entity in Russia is required, he said, adding that foreign participation in transport infrastructure and transportation concessions was prohibited, too.

The bill that prohibits housing and public utility concessions of offshore companies passed the first reading, Volodin said.

"Yet there is still a lot to be done. This is a priority of the State Duma," he said.

Some 75.9% of foreign companies have chosen to stay in Russia, Volodin said.

"Their decision speaks volumes: they believe in good development prospects of our national economy and are satisfied with business climate," he said, noting, "Those who left have incurred multibillion losses."