MOSCOW, May 7 (RIA Novosti) - Russia's law on foreign investment in strategic industries, clarifying the rules of investing in Russia, came into effect on Wednesday.

The bill was passed by the State Duma, the country's lower house of parliament, on April 2, and approved by the upper house two weeks later. It was signed into law by Russian President Vladimir Putin on April 29.

The new law requires any foreign investor seeking to buy a stake of over 50% in a company in one of 42 strategic sectors to receive government approval.

State-controlled foreign companies will be required to seek permission to acquire more than 25% of shares in enterprises of strategic sectors, which include oil, gas, the nuclear industry, arms production, fisheries, airspace, and the media.