Alexander Yakovlev said the draft reflected new market relations which were being established in the country. The draft excised all mention of the concept of "socialist property" contained in the existing code, he said.
"The overwhelming majority of deputies approved the draft because there is no politics in it," Yakovlev said.
He said the draft envisaged concrete measures to protect individuals, bankers, businessmen and their property, and there were new chapters devoted to economic and ecological crimes. The code must still pass through two readings.
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