MOSCOW, JANUARY 28. ( RIA Novosti correspondent Maria Balynina). At its plenary session on Wednesday the Federation Council approved the introduction of amendments to the Mortgage Law. This Law was approved by the State Duma (lower house of the Russian parliament) this January, The Law lifts the ban from the mortgage of agricultural lands, thus allowing the creation of a legal market of lands of this category.
In experts' opinion, the adoption of this law might have regulatory impact on the turnover of lands and enhancing effectiveness of their use. It also might accelerate the process of creation of the agrarian credit market and thus alleviate the problems connected with the shortage of finances available for agricultural producers.
At present there are 406 million hectares of agricultural lands in Russia.
