Russia

Abstract

After the break-up of the Soviet Union and the radical makeover of its political and economic system, Russia has been regaining its significance as an actor in international economic relations. This is evidenced, among other things, by a growing amount of foreign investment flowing into the country as well as its increasing activism as a capital exporter. The conclusion of bilateral investment treaties (‘BITs’) has been one of the policy tools used by the Russian Government during these years to promote both its inward and outward investment. This main objective of this chapter is to analyse Russia’s Model BIT (2002). By way of setting the scene, the chapter first places the country on the world investment map and explains the main elements of the Russian domestic legislation relating to foreign investment (Part II). It then traces the historical development of the country’s BIT programme (Part III) and discusses the relevant internal government issues (Part IV). Finally, Part V, which forms the core of the chapter, provides article-by-article commentary to the Russian model BIT, complemented, where relevant, by a review of the corresponding provisions in treaties concluded by Russia with other countries and arbitral practice. The chapter concludes with some final remarks.

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