Article 8 of the Law on Investment prohibits foreign investment in the area of state security and defence, with the exception made to foreign companies from EU and NATO countries, subject to approval by the State Defence Council. 

According to the Law on the Protection of Objects of Importance to Ensuring National Security of the Republic of Lithuania, investments that concern: securities in enterprises important to national security; non-property rights granted by the securities of an enterprises important to national security (e.g. convertible bonds); ownership or possession or any other rights to the facilities or property of importance to ensuring national security are subject to mandatory review and approval. Investments in economic sectors important to national security or protection zones may be subjected to a review. Annexes of the Law contain lists of enterprises important to national security. The Law establishes five economic sectors important to national security: 1) energy, 2) transport, 3) information technologies and telecommunications, other high technologies, 4) finance and credit and 5) military equipment. Investments related only to specific economic activities in these sectors may be screened. The list of these activities is specified in the Resolution of the Government.

On 24 March 2022, the Law on the Amendment of Articles 12, 13 and 19 of the Law on the Protection of Objects Important for Ensuring National Security of the Republic of Lithuania entered into force. The new Law introduces a standstill obligation on the parties whose transaction is undergoing screening and imposes the suspension of the execution of a transaction undergoes a post-closing review.
"Article 8 . Areas of investment:
1 . Investments in the Republic of Lithuania are permitted for all lawful commercial and economic activities , taking into account the restrictions established by this and other laws of the Republic of Lithuania.
2 . Foreign investments are not allowed in the activities of ensuring state security and defense (except for investments from economic entities meeting the criteria of European and transatlantic integration selected by Lithuania, if approved by the National Defense Council).
3 . Investments in a sector of the economy strategically important for ensuring national security or in the territory of the protection zone of enterprises, equipment and property important for ensuring national security are allowed only after assessing the investor's compliance with national security interests in cases and according to the procedure established by the Law on Protection of National Security. [...]" (Law on Investment (7 July 1999, No. VIII-1312; last amended 8 June 2021), Article 8 [google translation])
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"Article 1 . Purpose and application of the law:
1 . The purpose of this Law is to ensure that objects (enterprises, facilities and assets and economic sectors) important for ensuring the national security of the state and property and territory located in protection zones of enterprises, facilities and assets important for national security (hereinafter - protection zones) and critical information infrastructures. the transactions of managers are protected from all risks that could jeopardize the interests of national security, and the causes and conditions of such factors are eliminated.
[...]
Article 2 . The basic concepts of this law: [...]
7 . National security interests - protected vital and overriding national security interests as understood in the National Security Strategy, development of trans-European infrastructure and essential public interests enshrined in the laws of the Republic of Lithuania , including the provision of essential services of common interest and others.
[...]
Article 3 . Facilities and assets important for national security:
1 . Equipment and property owned by the state or municipalities important for ensuring national security may be transferred in accordance with the procedure established by law, except for the transfer of ownership rights, to an investor in national security interests who may not sell or otherwise transfer the property and property transferred to him or otherwise restrict the rights in rem to them, guarantee them, guarantee them or otherwise ensure the fulfillment of the obligations of oneself and other persons.
2 . Facilities and assets of national security importance which are owned by undertakings or investors important to national security may be transferred only to an investor in the interests of national security or may be pledged or mortgaged to secure the claims of such an investor, unless these rights are limited by other laws.
3 . The entities referred to in Paragraphs 1 and 2 of this Article who manage, use or dispose of facilities and property important for the security of national security shall ensure compliance with the requirements specified in Articles 17 and 18 of this Law.
4 . The Government, in accordance with the list of facilities and property important for the security of the National Security specified in Annex 4 to this Law, shall determine which specific facilities and property constitute the facilities and property important for the security of the National Security.
[...]
Article 6 . Sectors of the economy that are strategically important for ensuring national security:
1 . The following economic sectors are of strategic importance for ensuring national security:
1 ) energy;
2 ) transport;
3 ) information technology and telecommunications, other high technologies;
4 ) finance and credit;
5 ) military equipment.
2 . The Government shall identify and specify which economic activities are considered to be part of the economic sectors of strategic importance for national security referred to in paragraph 1 of this Article.
Article 7 . The first category is important for national security:
1 . The approval of the Seimas is required for the transfer of any part of the shares of an enterprise of the first category important for the national security of an enterprise whose legal form is a private limited company or a public limited company . The ownership right to the state-owned shares of the first category of companies important for ensuring national security, the legal form of which is a private limited company or a public limited company, may be transferred in accordance with the procedure established by law.
2 . The reorganization, reorganization, restructuring or liquidation of the first category of undertakings important for national security may be carried out only with the approval of the Coordinating Commission for the Protection of National Critical Objects (hereinafter the Commission), which assesses whether these acts are contrary to national security the need to ensure the operation of installations important to national security owned or operated by them or the possibility of transferring them to another undertaking important for national security.
3 . If the reorganization, reorganization or increase of the authorized capital of the first category important national security company , the legal form of which is a private limited company or a public limited company, by issuing a new share issue or issuing convertible bonds, the first category whether the share of the first category of shares of an enterprise important for ensuring national security owned by a state-owned company must be approved by the Seimas for such reorganization, increase of the authorized capital by issuing a new issue of shares or issuing convertible bonds.
4 . Only an investor in the interests of national security, acting alone or in conjunction with other contractual persons, may acquire shares which, together with his shareholding or together with other contractual persons, confer 1/4 or more of the votes for the first category of national security. at the general meeting of shareholders of a significant undertaking, the legal form of which is a private limited company or a public limited company, or by concluding a voting transfer agreement, to acquire non-property shareholder rights which together with a shareholding or other shareholding / 4 or more referred to in this paragraph firstshares in an undertaking important for national security .
5 . Only an investor in the interests of national security, acting alone or in association with other contractual persons, may acquire convertible bonds of a first- class national security undertaking having the legal form of a private limited company or a public limited company which, when converted into shares, together with 1/4 or more votes at the general meeting of shareholders of the first category of national security important in the first category referred to in this Part.
[...]
Article 8 . The second category is important for national security:
1 . The reorganization, reorganization, restructuring or liquidation of Category 2 undertakings important for national security may be carried out only with the approval of the Commission, which shall assess the operational security of those undertakings and the nationally important installations owned or operated by them. necessity or the possibility of transfer to another undertaking important for national security.
2 . If the reorganization, transfer of shares or increase of the share capital of a company of the second category important for national security , issuance of new shares or issue of convertible bonds, the state's share of the second category of national security important company would decrease so that than 2/3 of the votes at the general meeting of shareholders of a company important for ensuring national security of the second category , such reorganization, transfer of shares or increase of the authorized capital by issuing a new issue of shares or issuing convertible bonds must be approved by the Seimas.
3 . If, as a result of a reorganization, transfer of shares or increase of the authorized capital of a second category important national security undertaking , issue of new shares or issue of convertible bonds, the state-owned company's second security undertaking's share would decrease less than 2/3 of the votes would be vested in companies in the second category of national securityat the general meeting of shareholders, such reorganization, transfer of shares or increase of the authorized capital by issuing a new issue of shares or issuing convertible bonds must be approved by the Government.
4 . Only an investor in the interests of national security, acting alone or in conjunction with other contractual persons, may acquire shares which, together with his shareholding or together with other contractual persons, give 1/4 or more of the votes to ensure the second category of national security. at the general meeting of shareholders of a significant undertaking , or by concluding a contract for the transfer of voting rights to acquire non-property shareholder rights which together with his shareholding or other shareholdings provide 1/4 or more of the second category of national security shares in an important company .
5 . Only an investor in the interests of national security, acting alone or in association with other contractual persons, may acquire convertible bonds of a second- class national security undertaking which, when converted into shares, together with his shareholding or with other contractual persons. 1/4 or more votes in the general meeting of shareholders of the second category referred to in this Part important for ensuring national security .
[...]
Article 9 . The third category is important for national security:
1 . Only an investor in the interests of national security, acting alone or in conjunction with other contractual persons, may acquire shares which, together with his shareholding or together with other contractual persons, give 1/3 or more of the votes for the purpose of national security of the third category. important company in the general meeting of shareholders, or the conclusion of the voting rights transfer agreement to acquire the right to use non-property rights of the shareholder, which in addition to its shareholding or together with other persons acting in the interests held gives 1/3 or more of the third category of national security importance of company shares .
2 . Only an investor in the interests of national security, acting alone or in association with other contractual persons, may acquire convertible bonds of a third-party national security undertaking which, when converted into shares, together with his shareholding or with other contractual persons. 1/3 or more of the votes in the general meeting of shareholders of an undertaking important for the national security of the third category.
Article 10 . General provisions for investors: [...]
4 . Enterprises important for ensuring national security, state-owned enterprises, municipal enterprises, as well as state-owned companies and their subsidiaries are in the interests of national security and their verification of compliance with the interests of national security is not performed.
5. Member States of the European Union, countries belonging to the North Atlantic Treaty Organization, the Organization for Economic Co-operation and Development or the European Free Trade Association, as well as public limited liability companies or private limited liability companies with central, regional and / or local public authorities own more than 1/2 of the votes conferring securities or shares representing the capital of these legal entities, international financial organizations of which the Republic of Lithuania is a member, as well as other international financial institutions or organizations whose objectives, investment policy and activities do not jeopardize national security,
6 . Republic of Lithuania or foreign investors operating in a Member State of the European Union, the North Atlantic Treaty Organization, the Organization for Economic Co-operation and Development or the European Free Trade Association and having experience in the relevant field, unless the Republic of Lithuania or foreign investor it is established or controlled by it, or the third country with which such an investor is affiliated acts in such a way as to pose risks, threats or threats to national security interests, is in the interests of national security and is not subject to verification carried out, except in the case of verificationon the initiative of the entities referred to in Article 12 (4) of this Law, if the circumstances referred to in Article 11 of this Law become clear or these entities have information that the activities planned or carried out by such investor or decisions taken by the bodies of an established legal person risk or is not in the interests of national security.
[...]
Article 12 . Verification of investors' compliance with national security interests and decision-making on reorganization, reorganization, liquidation or assets specified in the security plan of an undertaking important for national security:
1 . The inspection of the investor, with the exception of the exceptions provided for in Article 10 of this law, must be carried out in the following case:
1 ) by transferring equipment or property important for ensuring national security to an investor in accordance with the procedure established by law or by pledging equipment or property important for ensuring national security or establishing a mortgage for the investor, as specified in Paragraphs 1 and 2 of Article 3 of this Law;
2 ) when an investor acquires relevant shares of companies important for national security or concludes voting rights transfer agreements and acquires the right to exercise non-property shareholder rights granted by the relevant share shares as referred to in Articles 7 (4), 8 (4) and 9 (1) of this Law ;
3 ) upon acquisition by the investor of the respective shares of convertible bonds of enterprises important for ensuring national security, as specified in Paragraphs 5, 5 (5) and 9 (2) of this Law;
4 ) by transferring to the investor, in accordance with the procedure established by law, the assets specified in the security plan of the undertaking important for ensuring national security, as specified in Paragraph 4 of Article 15 of this Law;
5 ) to secure the investor's claims by pledging the assets specified in the security plan of the undertaking important for ensuring national security, or by establishing a mortgage for these assets as provided for in Paragraph 5 of Article 15 of this Law.[...]
[...]
Article 13 . Verification of compliance of transactions with national security interests [amended on 17 March 2022] 
1 . Companies that are important for ensuring national security must notify the Commission of the intended transactions or changes to already concluded transactions (except for changes of an exclusively technical (editorial) nature) when the value of the transaction exceeds 10 percent of the company's annual income of the previous financial year, in accordance with the procedure set out in the Commission's work order description, except for this article Transactions referred to in paragraph 8. The transaction value specified in this section is calculated without value added tax. The conclusion of the transaction must also be reported by the managers of critical information infrastructure in accordance with the Law on Public Procurement or the Law on Procurement by Procuring Entities in the Field of Water Management, Energy, Transport or Postal Services, regardless of the value of the transaction, if requirements were raised during the tender regarding suppliers, sub-suppliers, compliance of goods, services or works with national security interests. Enterprises important for ensuring national security must notify the Commission, in accordance with the procedure set out in the Commission's work order, of the transactions they intend to enter into, specified in Article 4, Part 4 of the Law of the Republic of Lithuania on Necessary Measures to Protect Against Threats from Unsafe Nuclear Power Plants of Third Countries, or changes to such transactions already entered into (except exclusively technical (editorial) changes) , regardless of the value of the transaction. [...]
3. The Commission, upon receiving the notification referred to in paragraph 1, 2 or 7 of this article, shall consider it within 10 working days at the latest and inform the company important for ensuring national security, the manager of critical information infrastructure or the entity referred to in paragraph 4 of Article 12 of this law, respectively, whether it intends to initiate transaction verification. If the Commission determines that in order to make the decision referred to in this paragraph it is necessary to obtain or examine additional information from a company, state or municipal institutions or other persons important for ensuring national security, it shall contact these entities no later than the next working day for obtaining additional information and indicate that the person must provide the information requested by the Commission within 10 working days from the date of receipt of such notification. The Commission, having received the information referred to in this section, must decide within 8 working days at the latest whether they intend to start a transaction verification. If the Commission decides to initiate a transaction review, the planned transaction may not be entered into until a final decision is made regarding the compliance of the transaction with national security interests, and the execution of the already concluded transaction is suspended, unless the Commission specifies otherwise in the decision to initiate the verification. If the Commission does not start the inspection, it is considered that the transaction for which the application was made can be concluded
[...]
Annex 1 - LIST OF FIRST CATEGORIES OF IMPORTANT TO NATIONAL SECURITY 
[List can be accessed via link to this source]
Annex 2 - LIST of COMPANIES IMPORTANT FOR NATIONAL SECURITY IN THE SECOND CATEGORY
[List can be accessed via link to this source]
Annex 3 - LIST of COMPANIES IMPORTANT FOR NATIONAL SECURITY IN THE THIRD CATEGORY
[List can be accessed via link to this source]
Annex 4 - LIST OF EQUIPMENT AND ASSETS IMPORTANT FOR NATIONAL SECURITY
[List can be accessed via link to this source]" (Law on the Protection of Objects of Importance to Ensuring National Security of the Republic of Lithuania (10 October 2002, No. IX-1132; last amended 17 March 2022), Articles 1-3, 6-10, 12-13 and Annexes 1-4 [google translation])
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"Pursuant to Paragraph 2 of Article 6 of the Law on the Protection of Objects Important for Ensuring the National Security of the Republic of Lithuania, the Government of the Republic of Lithuania resolves:
Establish the following list of economic activities that are considered to be part of strategically important economic sectors for national security: [List can be accessed via link to this source]"[...] (Resolution of the Government (6 June 2018, No 556) [google translation])
Law on Investment (7 July 1999, No. VIII-1312; last amended 8 June 2021), Article 8 
Law on the Protection of Objects of Importance to Ensuring National Security of the Republic of Lithuania (10 October 2002, No. IX-1132; last amended 17 March 2022), Articles 1-3, 6-10, 12-13 and Annexes 1-4
Resolution of the Government (6 June 2018, No 556)
[<a href="https://www.e-tar.lt/portal/lt/legalAct/TAR.C7E57DF3CEC5/asr">Law</a>],[<a href="https://www.e-tar.lt/portal/lt/legalAct/TAR.57E0E8B29108/asr">Law</a>],[<a href="https://www.e-tar.lt/portal/lt/legalAct/60428000aa7111ec8d9390588bf2de65">Amendment</a>],[<a href="https://e-seimas.lrs.lt/portal/legalAct/lt/TAD/00f280d16d6411e89a0fd2d617326139/asr">Resolution</a>],[<a href="https://one.oecd.org/document/DAF/INV/RD(2018)6/en/pdf">Other</a>]