OREANDA-NEWS. July 17, 2008. The Federal Antimonopoly Service (FAS Russia) is now authorized to function as the federal executive body controlling foreign investments in the Russian Federation No. 510 Decree of the Government of the Russian Federation of 6 June 2008 "On the Government Commission for Control of Foreign Investments in the Russian Federation"); to pursue the new tasks the Service formed a special Department. Accordingly, on 16th July 2008 the Antimonopoly Service updated allocation of responsibilities between the Head of FAS and his Deputies. The Department for Control of Foreign Investments is transferred under the authority of Andrey Tsyganov, Deputy Head of FAS Russia, reported the press-centre of FAS Russia.

Appropriate amendments are made to No.419 FAS Russia's order of 11.1 2.2007 "On Allocating Responsibilities between the Head of Federal Antimonopoly Service and Deputy Heads of Federal Antimonopoly Service".

Andrey Tsyganov noted that creating necessary control mechanisms for enforcing No.57-FZ Federal Law of 29th April 2008 "On procedures for making foreign investments to economic entities that have strategic importance for national defense and security" will make regulation of capital flows to the strategic sectors of the economy more transparent. Furthermore, said Mr Tsyganov, when national markets become more attractive for the investors, the local companies become more robust, increasing competitiveness of their sectors.