For the first time since the Bolshevik Revolution of 1917, the State Duma of Russia has approved private ownership of farms for Russian citizens. The parliament's resolution allows Russian citizens to buy and sell farms, while foreign nationals are prohibited from doing so; however, they are permitted to lease agricultural land for a maximum of 45 years. President Vladimir Putin is a supporter of the new bill, as he believes land reforms are necessary for economic progress. This bill also requires approval from the Federation Council of Russia, which is expected to occur. The bill will be implemented six months after being signed by President Putin, but it is not anticipated that land sales will begin immediately. The bill allows local authorities to decide when agricultural privatization should commence.
For the First Time Since the Bolshevik Revolution of 1917, Private Ownership of Farms in Russia is Allowed
The Russian State Duma has approved private ownership of farms for citizens, a significant change since 1917. President Putin supports this reform for economic development, while foreign nationals are restricted to leasing land. This move could reshape the agricultural landscape in Russia.
👥 Key Players
📰 What Happened
The Russian State Duma has approved a bill allowing private ownership of farms for Russian citizens for the first time since 1917. This reform is supported by President Putin and aims to stimulate economic progress in the agricultural sector.
- Foreign nationals are prohibited from buying farms but can lease agricultural land for up to 45 years.
- The bill requires approval from the Federation Council and will be implemented six months after being signed by Putin.
💡 Why It Matters
📚 Background
Since the Bolshevik Revolution, land ownership in Russia has been largely state-controlled, making this reform a historic change aimed at boosting economic growth.
🏷️ Entities Mentioned
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