MOSCOW, January 2 (RIA Novosti) – Russian President Vladimir Putin has signed a law on issuing visas for foreign businessmen valid for up to five years, the Kremlin website said on Wednesday.

The law was adopted by Russia’s lower house of parliament, the State Duma, on December 19 and later approved by the upper house, the Federation Council, on December 26.

Under the law, representatives or employees of foreign companies investing in Russia or participating in the projects of the Skolkovo Innovation Center and the International Financial Center may be issued with a regular business visa valid for five years instead of one year.

The Russian government announced in 2010 it began easing the country's complicated visa system for foreign specialists in a bid to steer Russia's economy away from an unhealthy dependence on oil and gas and boost the innovation sector.