MOSCOW, July 28. /TASS/. The share of foreign individuals and legal entities owning land plots in Russia has decreased more than threefold since 2020, head of the Land Projects Department at NF Group Maxim Chernyadyev told TASS.

Earlier reports said that the Sirius federal territory became the 422nd area in Russia where foreigners are prohibited from owning land. Russian President Vladimir Putin has signed the relevant decree. The requirement to maintain such a list is established by the Land Code in the interest of protecting the country’s state border.

"In 2020, foreign individuals and legal entities accounted for almost 5% of the total land area in Russia. Estimates indicate that by 2026, this figure had dropped to 1.5%, a more than threefold decrease. This demonstrates a significant reduction in foreign presence within the structure of ownership and usage of Russian land. The calculation includes both owned plots and land leased to foreign entities on a long-term basis," Chernyadyev said.

The number of transactions involving foreign parties has declined since 2022 due to sanctions, special rules governing deals with entities from unfriendly states, and an overall reduction in investment activity, Maya Shevtsova, a lawyer and advisor to the Russian Federal Chamber of Lawyers, told TASS. Chief executive and managing partner of Umbrella Consulting Group Kirill Agapov shares the view, adding that it has long been difficult for foreigners to own land in Russia as ownership is prohibited in border areas and certain special zones, and the rules governing agricultural land are even stricter.