The Federation Council on Wednesday approved a contentious bill limiting foreign ownership in Russian media assets to 20 percent, Interfax reported.
All the bill needs now is President Vladimir Putin's signature to turn it into law. If signed, the law will force some of the world's largest media companies — including Conde Hearst, Hearst Corporation and Axel Springer — to sell off or shut down their Russian assets by Feb. 1, 2017.
It will also directly impact The Moscow Times' owner Sanoma Independent Media, the Russian branch of Finnish media group Sanoma and one of Russia's largest publishing houses.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.