::: RUSENERGYLAW Journal ::: #6'2004

RusEnergyLaw JOURNAL • Archive/6'2004

Michael J. Wilson. Progress of the Sakhalin-II PSA Against the Odds: Reality Behind the Myths

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William R. Spiegelberger. Taking Your Russian Dispute Offshore: Procedural Tools Available Outside Russia for Use in Disputes Within Russia

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K. Petrov. Transmission Pricing and Transmission Price Control

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Carl F. Fey and Daniel R. Denison. Organizational Culture and Effectiveness: Can American Theory Be Applied in Russia?

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Russia
Russia Endorses Kyoto Protocol
Liability for Currency Law Violations Toughened
New Chapter of Tax Code Establishes Ceilings on State Duties
Tax Authorities Fight "Russian-Style" Hostile Takeovers
Mandatory Foreign Currency Conversion Rate Decreased

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Ukraine

Sweeping Changes to Rules Regulating Foreign Investments and Reparation of Investments in Ukraine

NBU Moves to Support Banks

Justice Ministry Obtains New Powers to Vet Regulations

Tax Authorities Clarify VAT Rules for Imports

Regulations Implementing Electronic Signatures Law Adopted

New Rule for Payments Under Guarantees in Favor of Foreign Creditors

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Belarus
Belarusian Civil Code and Investment Code Revised

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GOTO CURRENT YEAR ISSUES

EDITORIAL

Diana Fatkullina, Deputy
Editor-in-Chief

Dear Colleagues,

We are pleased to present for your attention the new 6’2004 issue of "RusEnergyLaw Journal" that dis- cusses important aspects of legal regulation of the energy sector and protection of the environment. In attempting to serve you with the most vital and up-to-date infor- mation on changes in Russian and CIS energy law, we analyze all of the presentations at the topical conferences, seminars, sympo- siums, and official meetings, in addition to the traditional sources of information.

The current issue of "RusEnergy- Law Journal" presents an overview of recently adopted legislative and regulatory acts in the sphere of energy law and foreign investment. During the last two months of the year 2004 the legal environment in Russia has changed significantly. Russia has endorsed the Kyoto Protocol. A new chapter regulating land taxation has been introduced into the RF Tax Code. The Russian basic law "On subsoil use" is about to undergo major changes as the Congress and Government draft their revised version.

Other CIS countries have actively developed their legislation as well. Kazakhstan has adopted the Law "On International Commercial Arbi- tration", dated December 28, 2004. The Law regulates the re- lations arising in connection with the activities of international com- mercial arbitration in Kazakhstan and also the procedure and the requirements for recognition of enforcement in Kazakhstan of the awards of international commercial arbitration.

In Ukraine the current trends include the definition of the auction procedure for sale of the right to subsoil use, and adoption of the changes to the Law "On Oil and Gas". The National Bank of Ukraine has adopted two resolutions that significantly affect the procedure for making foreign investment in the country by toughening the requirements on necessary support documentation.

Belarus is most likely to attract more foreign capital as it has revised its Civil Code and Investment Code simplifying the rules regulating foreign investment and extending certain tax privileges to foreign investors. Armenia has adopted the new law on energy supply. As you can see from the examples given above, oil and gas legislation and legal practice develop fast in Russia and other CIS countries.

Along with our authors, we do our best to provide you with the current legal information services for energy, subsoil use, and the environmental protection sectors in Russia and the CIS. We wish you Happy New Year and do hope you would stay with us through the year 2005 and beyond.