MOSCOW, February 18 - RAPSI. The Russian government has approved amendments to the federal law on small and medium enterprises which will lift the restrictions on foreign nationals opening small and medium-sized businesses, the Prime news agency reports.

The plan is to allow foreigners to open small business in Russia without restrictions on their share in the new business, the government press office states, following a government meeting on February 13.

Companies on a special government-approved list will not be subject to these restrictions. The procedure for getting a business on this list will be drafted by the government.

According to the press statement, the move is aimed at allowing companies with a 'development institution' status to register subsidiaries as small and medium enterprises, which makes them eligible for additional financing and support.

The bill will also lift the limit on the share of foreign ownership in small and medium enterprises which are founded by autonomous academic and research bodies. The bill will be submitted to parliament in the near future.