a
-6-

(IIT) B xome tperelicxoro pasOupaTenbcTBa KaRyoe 13
TipaBaTenbcTB OyNeT HECTA PaCXOIN, CBABAaHHHe C JeATCIEHOCTEN
cBoero apoaTpa 4 cBouM mpeycrannrebCTBom B TakoM TpeTelickom
pasOupatenbeoTBe, TOTa KAaK PaCXONH, CBASA@HHNe C TeATeIBHOCTED
mpeqceyaTena, 4 Upyrwe pacxoyy Tperelickoro cyta OynyT onumayeHy
B PaBHNX DoNax o6ouma UpapmrenscTsamu. B cBoem pemeHmn
Tpevelickali cy MOZeT IO CBOeMy YCMOTPeHAD ASMCHATS Iponopuuy
pactpeweieHaa pacxonon mexty Ipapatenpcrsama.

(IY) To Bcem wHHM BoNpocam TpeTelicxal cyX YcTaHOBAT
COOcTBeHHHe NpaBaNa Mpovelypy.

(c) Hauro B Hacrommem Cormamenuu He OyleT orpaHyinBaTE
upaso Ipapatenscersa CoennHenyyx liratos Amepoxa B kawecTBe
IpaBOCHocoGHoro cyBepeHa BHIBATATh TpedoBanne B COOTBETCTBAU
C MeARYHADOZHYM UpaBoM B OTHOMeHAM IpaBa, OTAAYHOTO OT IWOHX
mpaB sMaTeHTa.

CTATB 6

O6a paputenscrT3a, Helak BSaZMHOCTS, CoTmamantcA, YTO
ecm IpasurentctBo Poccalicxoli Senepanumu mpemipzmeT Mepy IO
MpeWocTaBleHuW DOKPHTHA ni salimos BIA MpoekToB B CoelMHeHHEEX
Ilvarax AMepuka B COOTBeTCTBAM C Uporpammoli, nogodHok mo
colepmanaw Uporpamme conelicraad KangTanosiokeHasM, K KOTODOL
OTHOCATCH HacTomMmee CorsameHne, WoloReHA, aHaoTudHHe
comepralamca B HacTommem Cormamenau, OyYTYT UPAMeHATSCA B
OTHOMeHHA Takax Mep TocNe BYIOAHeHUA oSomMa [papnTenbcTBaMA
KOHCTATYNMOHHEX BIN AHHX DPALNGECKAX IpoveMyp Wo oLodpenuw
STAX NonomeHnh.



project or activity for which Coverage has been issued
shall be. resolved, insofar as possible, through
negotiations between the two Governments. If, at the end
of six months following the request for negotiations, the
two Governments have not resolved the dispute by agreement,
the dispute, including the question of whether such dispute
presents a question of international law, shall be
submitted, at the initiative of either Government, to an
arbitral tribunal for resolution in accordance with
paragraph (b) of this Article.

{(b) The arbitral tribunal referred to in paragraph
(a) of this Article, shall be established and function as
follows:

(i) Each Government shall appoint one
arbitrator; these two arbitrators shall, by agreement,
designate a president of the arbitral tribunal who
shall be a citizen of a third state and whose
appointment shall be subject to acceptance by the two
Governments. The arbitrators shall be appointed
within three months and the president within six
months of the date of receipt of either Government's
request for arbitration. If the appointments are not
made within the foregoing time limits, either
Government may, in the absence of any other agreement,

request the Secretary-General of the Permanent Court



~2-
CTATHA 2

(a) (i) Ecam omarent ocymectaur naarem anol cropoxe,
TONbSywmelick UoKpyTuem, Tpapurenpcrso Poccuficxoli Senepauna
Upaskaer C yueTom Monomeuai craTaa 3 sacrommero Coruamexnua
Tepelavy oMATCHTY B CBASA C TAaKAM ILlaTexOM IWONX BMYMecTBeHHHX
HexHocte, B TOM Wcle B Gopme KanMTaNOSIOReHMi, a TakRe
HAIBYEUX enemy CpeACTB HIB Wpas Ha TexesH#ve cpelcTBa, PaBHO
Kak 4 [paBoMpeemCTBO SsMATeHTAa B OTHOMeHZA IWOOTO IpaBa, BEINIAR
Tpaspo COOCTBEHHOCTN, UpaBo Ha 3aABleHne IpeTeHsan,
TpeaMyWecTBeHHOe paso AM WpaBo Ha UpeTbABeHwe BOSHBKMeTO
JY MOTYWeTO BOSHUKHYTS B CBA3H C STM BCKa.

(ii) Ecnn omurexT mpm ocymecraie#ma cBOwxX IpaB B KayeCTBe
kDezuTOpa Upnodperer JwOye Takwe UMYMeCTBeHHNe LeHHOCTA Alu
CTaHet DpaBOIpeeMHAKOM B OTHOMeHAN WOoro papa, BRIAR WpaBo
COOCTBCHHOCTA, IDaBO Ha 3anBleHNe IpereHsun, Upe“mMylecTBeHHoOe
TpaBo “iw Wpapo Ha MpemEApnesuve ucxa, IIpapatentcTrBo Poccniicxolk
@enepallan IpnsHaet c yyeTom Monokeumi cratan 3 HacTommero
CormalleHaA Takoe MpwodpereHue wl UpABOUpeeMCTBO. ;

(b) SmareuT He OyzeT IpereHnoBaTS Ha OoMbMBe TpaBa, eM
BMeBlaeCH Y CTOPOHH, OT KOTOpO K Hemy Tepemim mpaBa cormacHo
myHetTy (a) Bactommel crarba.

(c) Smmreur Kak HekOMMep¥eCKoe areHTcTBO UpapurenpcrBa
Coennyexxux Iirarop Amepaka He Oyler nommanaTs mon nelicraae
3aKOHONaTeNbCTBA Poccalickoli Gexepanuu, IpaMeHAeMOrO B OTHOMeHnA
XOMMeDUCCKBX OPTaHnsalwli, BaHAMANMAXCA cTpaxoBoli nl” Gapancopok
TeATCIBHOCTEN.



ARTICLE 6

The two Governments, desiring reciprocity, agree that,
in the event the Government of the Russian Federation makes
arrangements to issue Coverage or make loans for projects
in the United States of America under a program similar in
substance to the investment incentive program to which this
Agreement relates, provisions equivalent to those of this
Agreement shall apply with respect to such arrangements
upon completion of the constitutional or other legal

processes of both Governments approving such provisions.

ARTICLE 7

This Agreement shall continue .in force until the
expiration of twelve months from the date on which either
Government shall have given written notice of termination
of this Agreement to the other. Provided that in respect
of Coverage issued or loans made at any time before the
termination of this Agreement, its provisions shall
continue in effect with respect to such Coverage or loans
for a period of twenty years after the date of termination

of this Agreement.



of Arbitration to make the necessary appointment or
appointments, and both Governments agree to accept
such appointment or appointments.

(ii) The arbitral tribunal shall base its
decision on the applicable principles and rules of
international law. The arbitral tribunal shall decide
by majority vote. Its decision shall be final and
binding.

(iii) During the proceedings, each of the
Governments shall pay the expense of its arbitrator
and of its representation in the proceedings before
the arbitral tribunal, whereas the expenses of the
president and other costs of arbitration shall be paid
in equal parts by the two Governments. In its award,
the arbitral tribunal may, in its discretion,
reallocate expenses and costs between the two
Governments.

(iv) In all other matters, the arbitral tribunal
shall regulate its own procedures.

(c) Nothing in this Agreement shall limit the right of
the Government of the United States of America to assert a
claim under international law in its sovereign capacity, as

distinct from any rights of the Issuer.



COTHTANMEHUE
Merny IIpapuTrensctsom Coeqauexsxux Iirarop AmepaKn
a IIpaparempcTBom Poccniicxoi Serepanan
0 conelicTauy KalaTaloBlomeHZsM

TpanatenscTso CoemmHexsex Ilratos Amepaka 2 Upanatenscrso
Poccniickok Sezepanan, ;

TONTBeDRTAA CBOe. OGMee HeNAHMe IDOMPATE XOBSAUCTBCHHYD
AeATELBHOCTE B Pocculickow Genepanny, KOTOpan CHocoOcTByeT
PasBUTMH ee SKOHOMBYECKAX PeCYDCOB HB UpoAsBoUCTSeHHOTO
moresimana,

IDMSHaBak, YTO TOcTAKeHAW STO UeNM MOTYT CHOCOOcTBOBaTS
eTpaxoBasne (BKIWUaA DepectpaxoBaze) KalBTaNOBIOReHRY, 3aiiMy v
TapauTua B CBH32 C KalwTanDBOReHAANA, KOTOpHe OGeClewMBaNWTCH
TOUHOCTEN BN yactauHO Upaparerzcrpom CoemmHeHHEx Iraropn AmMepukn
Z Upemocrapianrca Koplopaweli sapyOemHuX YaCTHHX uHBeCTRUM
("OMMK") - arexntctpom Ipasarensctsa Coezanenaux [lrarop Amepmxn,

AOTOBOPUIUCE O HnReECKeTyHMeM:

CTATH I

VMctompsyemuli B Hactommem Cormamenuu Tepmas “ToxpyTne"
GyReT OTHOCHTECA K IWOOMY CTDAXOBaHMW KalBZTANOBNOweHBA, ETO
TepecTpaxoBakAn AW TapayTAn B CBASH C KalaTanoBlomeHneM,
HpeTOCTABIAeMEM SMUTCHTOM B CBASZ C MpOCKTOM Ha TeppuTOpus
Poccaiicxok Genepauua, a TepMud “ommTexT" OyneT OTHOCATECA K
OUMK, an6omy areytTcrsy Tpanztenzersa CoeqnHexHyx lliratos

Amepzka — opaBompeemHgry OMK w upencrapaTenp mm6oro 43 HBX.



INVESTMENT INCENTIVE AGREEMENT BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA
AND THE GOVERNMENT OF THE RUSSIAN FEDERATION

The Government of the United States of America and the
Government of the Russian Federation;

Affirming their common desire to encourage economic
activities in the Russian Federation which promote the
development of the economic resources and productive capacities
of the Russian Federation; and

Recognizing thet this objective can be promoted through
investment insurance (including reinsurance), loans and
investment guaranties which are backed in whole or in part by
the Government of the United States of America and provided by
the Overseas Private Investment Corporation ("OPIC"), an agency
of the Government of the United States of America;

Have agreed as follows:

ARTICLE 1
As used in this Agreement, the term "Coverage" shall refer
to any investment insurance, reinsurance or investment
guaranty which is provided by an Issuer in connection with
a project in the territory of the Russian Federation, and
the term "Issuer" shall refer to OPIC, any successor agency
of the Government of the United States of America, and the

agent of either.



CTATHA 4

(a) Cpezcrpam B BamwTe Poccaiickolt Genepalmn, BKINTAaA mpaBna
Ha Takue CpeqcTBa, Up“OOpeTeHHNM SMATEHTOM B CBASH C WlaTeRoM
cTopoHe, Toubsywmelicn nOKpHTHeM, SyneT WpeLocTaBLATLes Ha
Tepputopzn Poccaiickoli Delepanan B OTHOMeHBA ACMOMSOBaHEA Y
Tepenolia B BHOCTPAHHYN BaIwWTy pexum He MeHee GulaTONpAATHHH,
4eM DeRHM, KOTOPH MpelocraBAIcA OH TakuM cpeICTEaM,
Ipyvanlemamgm cTopoke, nonbsynmelich MOKDHTAeM.

(>) YeasanHue cpeZcTBa 4 UpaBa MoryT OBTb WepeqaHy
QMATEHTOM JWOoMy GASHYeCKOMY JWLY Ain OpraHAsalgy, M Ha
OCHOBaHNK Takoli Mepeyqaum OHM OyNyT CBOOONHO TOCTYNHN DIA
ZCHOREBOBAHEA Takum OuswYecksM TWMHOM Bin opranusalme Ha
TepouTopnn Poccalicxoi Senepalmn B coODTBeTCTEAN C ee
3ak OHOWAaTeECTBOM.

(c) Wonomenux Hactomme% craTan OyTyT IPMMeHATBCH Takxe B
OTHOMeHRY AWOUX CDeICTB B BaawTe PoccniicKoh Senepalun u UpaB
Ha HX, KOTODHe MOTYT IPMASMMAaTbCH oMATeEHTOM B YpeTysMpoBanne
OOA3ATCRECTB TO 3aiimaM, IpeNOCTaBIeHHEM —M DJA MpOeKTOB B

Poccalickoh Genepaunn.

CTATHA 5

(a) Jnooit cuop meamy Ipapmteascrsom Coenasenunx lliratos
Amepnsa no IIpapntenpcrBom Pocculicuok Senepanan, kKacapmalica
TONKOBAHBA Hactosmero Cormamenga av sarpaTasamlali, 10 MHeHZW
omHoTo 23 UpapaTeniscTs, BONpoc MexNyHsapoqHoOrTo Upaba,
BOSEDKAaDNa B CBASA C JNOHM IpoeKTOM BIH BeATeNBHOCTED, B

OTHOMECHNR KOTOPHX OHIO Upeyoctapnexo MoKpHTMe, SCyTerT



-~3-

(a4) Ipoue#ty 4 KomuccaoHHRe BOSHaTpaxteHuA mo 3alimem,
IPeCLOCTABICHHNM WN TapakTMpOBaHHWM SMZTeHTOM, OyTYT OCBOCORLeHN
B Poccalicko Gelepanun of HanoTOB. QmzTeHT He OyZeT mOLIeRaTs
Hanoroodnoxexan B Poccaiickoli Geyepangu mp” nepezaye,
UpaBonpeemcTBe ANZ BHOM CHOcOGe MpmodperenwA, 0 KOTODHX uyeT
peub B lysktTe (a) Hacronmeli cratau. Bo BCeX Epyrax ciywaax
HaOropy pexym olepauzi, ocymecTBIAeMNX SMMTeHTOM B Poccalickolt
Genepaliuu, Cymer opeyenATSca Telicrsynmum 3akOHOTaTelECTBOM
Poccaiickoli Senepaunn una chemmansHym coriamennem MexIy
IpasurenbcTsom Coenmkesxyx llraros AMepnen # [pasTeiEcTBoM
Poccuiicxol Senepanun,

CTATHA 3

B rou cretienu, B kaxoti Mepenaya, MpaBompeemcTso mln BHO
cioco6 Upvodperesua smaTeHtom Kakoro-iu60 AMyMecTBa mu UpaB
Ha Hero Ha TeppuTopuu Poccaiicxoli Semepanan B CHny ee
SaKOHONaTeMECTBA ABIAETCH YACTATHO WIM MONHOCTED
HeTexCTBATeCIBHEM Win sanpemaerce, Iparurenscrpo Poccalicuoi
Selepalnu paspemaT SMATeHTY IPAHATS Hannexmamue MeDy, B
COOTBETCTEAR C KOTODEMA Takoe uMyMeCTBO wn papa Ha Hero
Tepeqawtcd GMSMYeCKOMY JMIy nw oprazasanan, KOTODHM paspemeHo
O6ialaTh TakUM ZMYIIECTBOM AIM WpaBaMH COTMACHD BakKOHOZATeIECTBY
Poccuiicxoli Gezepaunn.



This Agreement shall enter into force on the date on which
the Government of the Russian Federation notifies the Government
of. the United States of America that all necessary legal
requirements for entry into force of this Agreement have been

fulfilled.

Done at Washington, D.C., on the 3rd day of April, 1992, in
duplicate, in the English and Russian languages, both texts

being equally authentic.

For the Government of For the Government of
THE UNITED STATES OF AMERICA THE RUSSIAN FEDERATION



ARTICLE 4

(a) Amounts in the currency of the Russian
Federation, including credits thereof, acquired by the
Issuer in connection with payment to a party under Coverage
shall be accorded treatment in the territory of the Russian
Federation no less favorable as to use and conversion than
the treatment. to which such funds would be entitled in the
hands of the party under Coverage.

(b) Such amounts and credits may be transferred by
the Issuer to any person or entity and upon such transfer
shall be freely available for use by such person or entity
in the territory of the Russian Federation in accordance-
with its laws.

(c) The provisions of this Article shall also apply
to any amounts and credits in the currency of the Russian
Federation which may be accepted by the Issuer in
settlement of obligations with respect to loans made by the

Issuer for projects in the Russian Federation.

ARTICLE 5
(a) Any dispute between the Government of the United
States of America and the Government of the Russian
Federation regarding the interpretation of this Agreement
or which, in the opinion of one of the Governments,

presents a question of international law arising out of. any



-~7-

CTATHI 7

Hacrosmee Cormamenue OyneT ocTaBaTBCA B Cue TO ucTeveHnnA
I2 mecaleB C WaT MWCLMeHHOTO yBeroMieHuA oHuM [paBaTeibCTBOM
mpyroro IIpapurempcTsa 0 Upexpalenau LelicTawA HacTOAMero
Cornamenua. Uro KacaeTca NOXDNTBA gn 3alimoB, IpeocTaBleHHEX
B uwO0e BDeMA TO Tpekpamesan DelicrsyA Hactommero Cormamenna,
UDRORCHBA TocMenHeTO GOYTYT OCTAaBATBCH B CBe B OTHOMeHAY Takoro
TIOXDHTHA Wi salimoB B TeyeHne [BanaTZ Jet c MOMeHTa Ipexpaljenaa

Tefictaua HacTommero Cormamenan.

Hactosmee Cormamenwve BCTYNUT B Cully B Deus, Korya
IIpasarenseTso Poccatickoli Cenepauan yBenomat UpapaTebCTBo
CoeznHeHHEx livaroB AM@DHKM O BRUOAHeHUM BCeX HPAINTECKEX

TpeOoBannli, HEOOXONMMEX DA BCTYMICHAA B Cay HacTOAMero
Cornamenun.

Cosepmexo B T.Bammarrone 3 aupena 1992 Towa B UByX
DKSeMILUIApaX, KaRUbi Ha aurauiickom 4 DYCCKOM H3HKaX, IDEM oda

TEKCTA MMENT ODWHAKOBYN CHI.

3A TIPARATELECTBO

CORmEHEL AUTATOR A Bodom POCCMHC KON ORTEPALM
Sewn CT



@

(d) Interest and fees on loans made or guaranteed by
the Issuer shall be exempt from tax in the Russian
Federation. The Issuer shall not be subject to tax in the
Russian Federation as a result of any transfer, succession
or other acquisition described in paragraph (a) of this
Article. In all other cases, tax treatment of transactions
conducted by the Issuer in the Russian Federation shall be
determined by applicable law of the Russian Federation or
specific agreement between the Government of the United
States of America and the Government of the Russian

Federation.

ARTICLE 3

To the extent that the laws of the Russian Federation
partially or wholly invalidate or prohibit the transfer,
succession or other acquisition, as described in Article
2(a) of this Agreement, of any interest in any property
within the territory of the Russian Federation by the
Issuer, the Government of the Russian Federation shall
permit the Issuer to make appropriate arrangements pursuant
to which such interests are transferred to a person or
entity permitted to own such interests under the laws of

the Russian Federation.



ARTICLE 2
(a) (i) If the Issuer makes payment to any party
under Coverage, the Government of the Russian
Federation shall, subject to the provisions of Article
3 of this Agreement, recognize the transfer to the
Issuer of any assets, including those in. the form of
investment as well as currency or credits, in
connection with such payment, as well as the
succession of the Issuer to any right, title, claim,
privilege, or cause of action existing, or which may
arise, in connection. therewith.

(ii) If the Issuer, in the exercise of its rights
as a creditor, acquires any such assets or succeeds to
any right, title, claim, privilege or cause of action,
the Government of the Russian Federation shall,
subject to the provisions of Article 3 of this
Agreement, recognize such acquisition or succession.

(b) The Issuer shall assert no greater rights than

those of the party from whom such rights were acquired as

described in paragraph (a) of this Article.

(ec) The Issuer, as a non-commercial agency of the

Government of the United States of America, shall not be

subject to regulation under the laws of the Russian

Federation applicable to commercial insurance or financial

organizations.



-5-

Paspe@aTECA No BOSMORHOCTH IyTeM Teperosopos mexLy IBYMA
[pasarenscrsamu. Eclu 00 ucreteHum wecTa Mecaues c MoMeHTAa
OdpaieHua c Upocsool o mpoBezeHaa LeperosopoB o6a
Ipabarenscrsa He paspemaT clop 1d BsauMHomy cormacuw, cop,
BKIWWaR BOUpoc O TOM, 3aTpaTUBaeT IM Takoli clop Bompoc
MeRIYHSapOLHOTO MpaBa, OyheT mepeyan mo AHETMATABE IWOOTO 43
Upapurenzers B TpeTelicka cya WIA paspemenas B COOTBETCTBMU Cc
HyekToOM (b) HacTommel crarEa.

(b) Tperelicxu% cyz, yiomasyruii B myxxre (a) Hactrommeli
cTaTha, OynetT odpasosay o OyleT melicrBoBaTS cnezyonuM o6pasom:

(I) Kaxnoe Ipanmrentcrpo Ha3saumT HO onHOMY apourpy, off
Ba apOuTpa 00 BsagMHoMy Corviacaw onpemenaT mpemcenarens cyna,
ROTOpH ToseH ONTS TpaRyanauom TperBero TocymaperBa o
HaskayeHue KOTODOTO TOIEHO ONTS OnOOpeHo odoumm IIpanurentctBamn.
ADORTDY TONEHN OTE HASHAUeHH B TeyeHHe TDeX mecaueB, a
Upeldcenateib ~ B TeteHwe MeCTA MeCAUeB C Taty TONyWeHRA
odpanenna mdoro 43 Upaparenscrs o tperelickom pasOupaTerBcTBe.
Ecaa Hashatenun He Oylyr OCYMeCTBIEHN B TeveHne BHMeyKasaHHUX
cpokos, Jodoe us IpapmTenscts MomeT DZ oTcyTcTBu” BHOL
TOTOBOpeHHOCTH MpocaTs Tepepansxsoro cexpetaps Tocrosusoro
tTperelickoro cya ocyMecrBuTs HeodxoRumoe HasHateHne nn
Haszatenmr, A 06a IpapmrenecTBa corviackTCA IpHHATE TaKoe
HasHateune Wu HasHavenna.

(II) Tpeveticxutt cyz oyner ocHOBNBATS cBDe pemeHue ‘Ha
TPAMeCHAMRX Ipmguanax 4 HOPMaX MeALYHAPOZHOTO pasa. Tperelicnnk
cy Up2MeT peMeHme ConEmmACTBOM TouocoB. Ero pemesue Oyzer
OKOHYATCIEHEM WU OyNeT UMeTh OGASATEIBHYD CRAY.