The State Duma of the Russian Federation has adopted at first reading a bill that eliminates the ban on the creation and management of joint-stock companies with a single shareholder for defence industries owned by the government.
Under current legislation, a joint-stock company can not have a single shareholder. However, several exceptions were made for Roskosmos, Rostec, and nuclear companies.
The bill was submitted to the State Duma by the Russian government in late February. The proposal aims to speed up the decision-making process and the execution of orders on behalf of government authorities.
Russia was the second-largest arms exporters in the last 5 years. Even though arms exports decreased by about 18 per-cent, Russia remains the second-largest arms exporter. The Kremlin transferred major weapons to 48 nations during the last five years, with India, China, and Algeria being the biggest importers.