July 25 2002, 10:56

Russia: President signed law on agricultural land turnout

Russian President Vladimir Putin has signed the law "About Turnout of Lands of Agricultural Destination", adopted by State Duma on June 26 this year and approved by the Upper Chamber on July 10, the President's Press Department informs. (See also our item of June 21)

The document regulates relations, connected with owning and disposal of agricultural lands.

The law prohibits sale of agricultural lands to foreign juridical and physical persons, companies, whose controlling stock belongs to nonresidents, stateless persons. These will be allowed to own agricultural lands only by right of tenancy.

The law stipulates maximum term of land tenancy to be 49 years.

Maximum size of citizens' estate can be restricted by local laws. A private person may own no more than 10 percent of total lands of an administrative district.

Local powers acquire pre-emption right to purchase any private plot of land.