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Executive Order on additional special economic measures in fuel and energy sector in response to unfriendly actions by some foreign states and international organisations

October 7, 2022

The President signed the Executive Order On Additional Special Economic Measures in the Fuel and Energy Sectorin Response to Unfriendly Actions by Some Foreign States and International Organisations.

The Executive Order was signed in response to unfriendly actions and actions violating international law by the United States and foreign states and international organisations acting jointly with the United States to impose restrictive measures in relation to Russian citizens and legal entities. The Executive Order is aimed at protecting the national interests of the Russian Federation in accordance with Federal Law No 281-FZ On Special Economic Measures and Coercive Measures of December 30, 2006, Federal Law No 390-FZ On Security of December 28, 2010, Federal Law No 127-FZ On Measures (Countermeasures) against Unfriendly Actions of the United States of America and Other Foreign Countries of June 4, 2018.

The Executive Order sets forth, in particular, that due to a threat of both natural and industrial emergencies, a threat to people’s lives and safety, a threat to the national interests and economic security of the Russian Federation caused by violations by some foreign legal entities and individuals of obligations connected with the execution of the Production Sharing Agreement on the development of the Chayvo, Odoptu, and Arkutun-Dagi fields entered into on June 30, 1995, the Government of the Russian Federation shall establish a Russian limited liability company, to which all rights and obligations of the union of legal entities/investors are to be transferred as set forth in the Agreement and which shall carry out its activity based on a joint activity contract not having the status of a legal entity, including the rights and obligations of the operator (Exxon Neftegas Limited).

The Government of the Russian Federation shall appoint Sakhalinmorneftegaz-shelf JSC as the managing company

The Executive Order, in particular, covers interest allocation in the charter capital of the new company and preservation of the special tax mode, customs, customs tariff regulation and the exclusive right to gas exports set forth in the Agreement for the company and its members.

The Central Bank and the Government of the Russian Federation are entitled to give official clarifications on the application of the Executive Order.

October 7, 2022