In Focus: Russia to restrict sale of "strategic" shares on foreign markets

Authorities in Russia have announced plans to impose limits on the sale of shares in the country's oil, mining and defence firms on foreign exchanges, according to reports.

In a move analysts have described as an attempt to "lock down" strategically-important sectors, companies will only be allowed to trade a certain percentage of their stock abroad, the Globe and Mail states.

Those involved in geological exploration for natural resources such as oil face the strictest limits, as they will only be allowed to sell five per cent of their shares on foreign markets.

Companies involved in national security and defence-related sectors will be restricted to trading 25 per cent of their shares abroad, while the limit for firms linked to other strategic sectors has been reduced from 35 per cent to 30 per cent, the newspaper said.

Russia said the move is intended to increase the number of shares traded in roubles in order to support President Dmitry Medvedev's policy of turning the nation into a major financial centre by 2020.

Mr Medvedev came to power in March 2008