(Reuters). Russian lawmakers approved Tuesday a bill allowing Russian entities to acquire foreign companies which have quit the market due to Moscow’s intervention in Ukraine. This was according to the government’s online portal.

Many foreign businesses have shut down their stores or factories temporarily in Russia. This is after Russia sent thousands of troops into Ukraine on February 24, 2018.

This bill was passed by the Duma lower house in its first reading. It would permit the VEB state development bank or any other entity approved by a Commission to serve as an external administrator for companies with foreign ownership exceeding 25%, specifically those from “unfriendly” countries.

After the initial reading has approved the merits, the bill must then be subject to another reading that is dedicated to detailed discussion and refinement, followed by a formal third reading. To become law, it must be passed by the upper house and signed into law by President Vladimir Putin.

Interfax reported that the draft law mentions seven criteria for external administration. These include companies producing socially significant goods. However, there are still opportunities to update this.

Interfax stated that the entity acting in external administration would have the right to bid on foreign assets. The previous owners, as well as affiliates, would not be allowed to do so.

The economy ministry stated that the idea was to only take over companies to manage temporarily when production is at risk and to preserve jobs essential for the economy.

The law will only be used in cases where hundreds of thousands or more people working for companies having ‘left Russia’ are at serious risk of being fired.