Russia legalizes parallel imports amid Western sanctions

MOSCOW -- Russian President Vladimir Putin signed a bill into law on Tuesday legalizing "parallel imports" in the country in a bid to stabilize prices amid Western economic sanctions.

The law protects Russian companies that import certain categories of goods without the permission of the intellectual property owner, the so-called parallel imports, from possible civil, administrative and criminal liability.

The law authorizes the Russian government to determine the list of goods that are subject to the new legislation.

The legalization of parallel imports is aimed at protecting the Russian economy and citizens in the face of economic sanctions, simplifying trade in the eligible goods and stabilizing their prices, said Vyacheslav Volodin, chairman of Russia's lower parliament house the State Duma.