MOSCOW, October 2 (RAPSI) – The Russian government has approved simplified procedures for granting Russian citizenship to foreign businessmen and investors in all sectors of the economy with some exceptions, reads a resolution posted on the government’s website on Thursday.

“To attract foreign investment in the Russian economy, a simplified citizenship application process will be offered to foreign businessmen and investors engaged in the sectors set out in the Russian Classification of Economic Activities, with certain exceptions,” the document reads.

The exceptions list includes wholesale and retail trade, vehicle (including motorcycle) repair, hotels and public catering facilities, transactions with real estate, job placement and personnel recruitment, as well as advertising, law and accounting.

These exceptions reflect the current situation on the Russian market meaning that there is no need to attract investments in these areas, according to the document.

In June, Vladimir Putin signed a law to simplify the citizenship application procedure for certain groups of foreign residents, including sole operators who have been working in Russia for at least three years with annual revenues of at least 10 million rubles (over $252,000).

A simplified citizenship application process will be also granted to investors who own at least 10% of the charter (share) capital of Russian legal entities operating in the government-approved economic sectors.