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NEW YORK (TheStreet) — CTC Media (CTCM) was falling 20.2% to $6.86 Monday following news that proposed amendments to Russia’s “On Mass Media” law passed second and third readings in the lower house of the Russian parliament.

The Mass Media law would limit the direct or indirect foreign ownership of Russian mass market businesses, according to Russia-based CTC Media, which directly and indirectly owns several Russian companies that operate broadcast media entertainment businesses. The law affects both existing and future foreign ownership.

If the law passes it will take effect on Jan. 1, 2016, and would make it so non-Russian people and companies can’t own more than 20% of Russian mass media entities.