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Foreigners may be banned from owning a more than 20% stake in Russian advertising companies. A bill to this effect is being drafted by State Duma lawmakers, Anton Gorelkin, first deputy chairman of the Committee on Information Policy, Information Technologies and Communications, said on 24 September at the Russian Internet Forum, according to Kommersant newspaper.

He explained that the changes are in conjunction with recently adopted amendments limiting foreign participation in companies researching the Russian consumer market. The law signed by the president in July prohibits companies having more than 20% foreign ownership and annual revenues of more than RUB 800 million from conducting marketing research.

"In research, there remain areas in which data analysis and media production intersect, in particular the advertising market, where national interests and sovereignty require additional protection," Gorelkin said. Otherwise, he believes, foreign companies will continue buying marketing data and the information will remain public.

According to a Kommersant source familiar with the drafting of the bill, the changes will not prohibit foreigners from investing in the Russian advertising market, but it is Russian citizens who will retain control over advertising companies.

Valentin Smolyakov, First Vice President of the Association of Communication Agencies of Russia, notes that since 2022, the advertising market has become almost 100% Russian. Therefore, he believes that the bill is not aimed at regulating the current situation, but at preparing the legal field for the return of foreign companies after the sanctions are lifted. It will be difficult for foreign investors to return to Russia's advertising business even if the geopolitical situation improves, said Anastasia Vladimirova, managing partner of IPM Consulting. But in the future, as a result of the planned restrictions, the domestic market may lose tens of billions of roubles, she estimates.