MOSCOW, April 2, 2008 (AFP) - Russia's parliament on Wednesday adopted a law limiting access for foreign investors to key sectors of the economy including the oil and gas industries, in a third and final reading.

The law was passed by the lower house by 384 to 55 votes on Wednesday and needs to be approved by the upper house before being signed into force by President Vladimir Putin.

Under the terms of the law any private foreign company wanting to buy more than 50 percent of a company in any of 42 'strategic' sectors will need authorisation from a commission made up of economic and security officials.

Foreign state-controlled companies will have to go through the same procedure if they plan to acquire more than 25 percent in a Russian company that is included on the list, according to the text of the decree.

The new law has been under discussion for two years and has raised concern among the foreign investor community in Russia as it would widen the powers of the FSB security service, successor to the KGB, in business transactions.