RBC: EAEU authorities will discuss limiting foreign ownership of marketplaces

Members of the Eurasian Economic Union (EAEU) may be able to impose special requirements or impose restrictions on the operation of online trading platforms with a share of foreign citizens in the capital of more than 49% or more than 1/3 – in the governing body, writes RBC. However, the requirements will not apply to the capital and citizens of the member countries of the union.

Appropriate changes are proposed to be made to the agreement on electronic commerce in the EAEU. On January 10, the Ministry of Economic Development sent the document to other relevant departments and market participants. If it is agreed within Russia, it will be sent for discussion to the Eurasian Economic Commission, where it will have to be signed by Armenia, Belarus, Kazakhstan and Kyrgyzstan, which are also members of the EAEU.

A representative of the Ministry of Economic Development told RBC that amendments to the agreements are currently under discussion. At the same time, one participant familiar with the issue indicated that the proposed changes could provide “some kind of insurance, protect domestic consumers”, since e-commerce sites are “vulnerable critical infrastructure”.

In the fall of 2021, Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan approved a road map to create “favorable conditions for the development of electronic commerce.” The associations formed within the “map” were supposed to develop rules for their members, as well as “protect the interests of citizens and entrepreneurs.” In May 2022, the e-commerce associations of the EAEU countries signed an agreement on the creation of the Unified Eurasian Internet Commerce Association.

Milena Kostereva