22.12.2005 Russia, Moscow. The President of Russia Vladimir Putin at Congress of Association of Lawyers of Russia.
Photo: Dmitry Azarov
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Gasprom Stocks Got Christmas Amnesty
Power and Business
On Friday Vladimir Putin gave a present for foreign investors. He said that on Dec. 22 and 23 he signed decree and the law, which liberalize stock market for Gasprom. It signifies the end of the history of splitting shares of gas monopolist for internal and external.
On Friday, during the meeting with permanent members of Security Council of Russian Federation, President Putin announced about signing package of documents that would get rid off all limitations for Gasprom stock circulations. The law, mentioned by Putin, introduces amendments into the law “About Gas Supply.” The amendments give to the state 50 percent plus one shares of Gasprom and lift all the limitations for non-residents to own rest the stocks. Besides, the president signed a decree canceling Decree No.529 from May 28, 1997, which established principle of the Gasprom stocks circulation. The decree also cancels the Decree No.654 from May 30, 1997, according to which these shares can be traded only in stock markets approved by the government. This was a Christmas present for of Russian President for foreign investors.
From now on, non-residents of Russian Federation can have equal rights with residents of Russia and trade them without limitations in internal market. “This is significant event for all our stock market,” Dmitry Medvedev, First Vice Premier and Head of the Directors Council of Gasprom, told Kommersant.
On Friday RTS stock market started to issue accreditations for foreign clients. Non-resident can trade Gasprom stocks through professional broker – member of Stock Market St. Petersburg Company and who has special account Type A in Payment Chamber of RTS. The broker should open for a client an account in Gasprom depositary. Vladimir Tatiy, head of depositary center, said on Thursday that “with proper documents such procedure can take only one day.”
Alexei Baybakov, Dmitry Ladygin
All the Article in Russian as of Dec. 26, 2005
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