Putin has added conditions for foreigners to receive a share in Sakhalin-1

Russian President Vladimir Putin has amended the decree on the transfer of the Sakhalin-1 project to Russian jurisdiction, in paragraphs concerning the transfer of shares in it to foreign participants who remained in the project. The document, signed on August 15, was published on the official Internet portal of legal information.

Now, according to the new rules, a share in the project will be transferred to the company if it fulfills a number of conditions. One of them is the implementation of actions by the foreign side of the consortium to lift sanctions that negatively affect the project.

"The commission by the foreign side of the consortium of actions that led to the lifting of political and economic sanctions imposed by foreign states that negatively affect the implementation of the agreement, including, if necessary, their judicial appeal," it is listed further.

Other mandatory points include the conclusion of contracts for the supply of foreign—made equipment and spare parts necessary for the project, as well as agreements on technical cooperation. In addition, the company itself or through other persons must transfer to the settlement account of the new Sakhalin-1 project operator the funds accumulated previously in the liquidation account under the agreement.

The changes came into force from the date of signing the decree. In the fall of 2022, Sakhalin-1 LLC, registered in Yuzhno-Sakhalinsk, became the operator of the Sakhalin-1 project instead of Exxon Neftegaz. Thus, he was transferred to Russian jurisdiction.

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Also on June 25, the Russian president signed a decree extending until October 1 this year the permission for foreigners to pay for Russian gas in rubles not only at Gazprombank, but also at other banks. The amendments were made to the decree "On the special procedure for the fulfillment by foreign buyers of obligations to Russian natural gas suppliers" dated March 2022.

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