MOSCOW, July 19: A long-awaited bill regulating foreign investment in Russia will set rules for 39 “strategic sectors” while giving the secret service veto power over deals, Russian newspapers said on Thursday.

The law, which has been delayed and revised repeatedly since President Vladimir Putin ordered its drafting in 2005, was submitted to the Russian parliament for approval on Tuesday.

The law restricts foreign ownership of 39 kinds of Russian enterprises to less than 50 per cent, including in the fields of arms, aviation, space and atomic energy, the ministry of industry and energy said in a statement.

The law does not cover investment in the oil and gas sectors, as a separate law regulating them is still being worked out.—AFP