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      <P>&nbsp;</p>
      <P align="center"><font color="#660000"><b><font face="Arial, Helvetica, sans-serif" size="4" color="#990000">Frequent
              Legal Issues for Contractors on <br>
        Sakhalin Oil and Gas Projects<br>
      </font></b></font><font size="2" face="Arial, Helvetica, sans-serif">(Appearing soon in the Russian Energy Law Journal)</font></p>
      <p align="center"><font color="#990033" size="2" face="Arial, Helvetica, sans-serif"><strong>V.
            Antimonopoly Considerations of Investments in Sakhalin Projects</strong></font></p>
      <p align="left"><font size="2" face="Arial, Helvetica, sans-serif"><em>Presented
            by <a href="../subpage/attorneys.html#sll">Sergei L. Lazarev</a>, Partner of the firm&#8217;s Russian
        Practice Group and Executive Director of the firm&#8217;s Moscow office.
      </em></font></p>
      <p align="left"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Types of Antimonopoly Control</strong></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">The predominant Russian
          legislation governing transactions that may influence competition is
          a law passed
          during Soviet times entitled, &#8220;On
        Competition and the Limitation of Monopolistic Activities on Commodity
        Markets&#8221; (&#8220;Antimonopoly Law&#8221;).<font size="1">(37)</font> Particularly
        noteworthy is the fact that in addition to defining certain events as
        potentially
        influencing competition on Russian markets, the Antimonopoly Law provides
        for the extraterritorial effect of its rules, expressly covering instances
        where the actions of foreign entities outside of the Russian Federation
        may potentially limit competition within Russian markets. <font size="1">(38)</font></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">The Russian government,
          through the Ministry of Antimonopoly Policy (&#8220;Ministry&#8221;),
          exercises two major forms of antimonopoly control over typical corporate
          transactions.
          Depending on the type of activity
        and the amount of assets involved, a company seeking to perform an activity
        may need to either seek prior governmental approval of the transaction,
        or notify the government about the transaction after it is completed.<br>
        <br>
        Of the two forms of control, prior approval, is from a timing and planning
          perspective, the more burdensome, as it requires filing a motion with
          antimonopoly bodies before a transaction is commenced. The Ministry
          considers the motion in view of the transaction&#8217;s potential effect
          on competition. If there is no negative effect, the motion should be
          granted. If there is a potential limitation on competition, the motion
          may be denied. If an applicant can demonstrate that the transaction&#8217;s
          positive social effect outweighs its negative consequences, or that
          the applicant is able to take measures to preserve competition, a motion
          may be granted even in the presence of a finding that competition will
          be limited as a result of the proposed transaction. <font size="1">(39)</font></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Subsequent notification of a transaction to the Ministry must furnish
        information that enables the Ministry to assess the effect of the transaction
        on competition. A finding that the transaction has negatively impacted
        competition may result in its rescission by the Ministry. </font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Typical Transactions Subject to Antimonopoly Control</strong></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Subject to the triggering of economic thresholds, which vary for each
        type of transaction and are set forth in the table below, the Antimonopoly
        Law governs the following types of transactions:</font></p>
      <ul>
        <li><font size="2" face="Arial, Helvetica, sans-serif">The formation
              of a commercial organization such as a limited liability company,
          joint stock company, full partnership or limited partnership. <font size="1">(40)</font></font></li>
        <li><font size="2" face="Arial, Helvetica, sans-serif">Mergers
                and acquisitions involving Russian commercial organizations. <font size="1">(41)</font></font></li>
        <li><font size="2" face="Arial, Helvetica, sans-serif"> A transfer
              of fixed assets exceeding 10% of the total book value of the fixed
              and intangible
              assets of the transferring entity,
            through sale, donation, lease, temporary uncompensated use, or other
            instances of temporary transfer. <font size="1">(42)</font></font></li>
        <li><font size="2" face="Arial, Helvetica, sans-serif"> The acquisition
              of 20% or more of the shares or participatory interests <font size="1">(43) </font>in
              a Russian company.
              This rule is not applied to the founders
            of a company at the time of its formation.</font></li>
        <li><font size="2" face="Arial, Helvetica, sans-serif"> The acquisition
              of the right to control business activity of a Russian legal entity
            or
              to perform the functions of its executive body.
            For example, the execution of a management contract by which one
            legal entity performs the functions of the executive body <font size="1">(44) </font>of
            another legal
            entity.</font></li>
        <li><font size="2" face="Arial, Helvetica, sans-serif"> The election
              of an individual to the Board of Directors (Supervisory Board)
            or to another           executive body of a Russian
            legal entity. 
            <font size="1">(45)</font> </font></li>
      </ul>      
      <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Threshold Amounts Invoking Antimonopoly Control</strong></font></p>
      <table width="100%" border="1" cellpadding="0" cellspacing="0" bordercolor="#000000">
        <tr>
          <td width="33%" rowspan="2"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Type of transaction:</strong></font></td>
          <td colspan="2"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif"><strong>Value of assets of person/entity involved:</strong></font></div></td>
        </tr>
        <tr>
          <td width="33%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">Exceeding
          100,000 TMW <font size="1">(46)</font> (approximately $345,000)</font></div></td>
          <td width="34%"><div align="center"><font size="2" face="Arial, Helvetica, sans-serif">        Exceeding 200,000 TMW(approximately $690,000)</font></div></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Formation of a Russian legal entity</font></p>
          <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">No control</font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif"> Notification</font></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Mergers and acquisitions</font></p>
          <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Approval</font></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Transfer of fixed assets through sale, lease or otherwise</font></p>
          <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Approval</font></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Purchase of shares or participatory interest in a Russian legal
            entity </font></p>
            <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Approval</font></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Acquisition of rights to determine business activity of a Russian
            legal entity or to perform functions of its executive body</font></p>
            <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Approval</font></td>
        </tr>
        <tr>
          <td><p><font size="2" face="Arial, Helvetica, sans-serif">Election of an individual to the Board of Directors (Supervisory
            Board) or executive bodies of Russian legal entities</font></p>
            <p>&nbsp;</p></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
          <td><font size="2" face="Arial, Helvetica, sans-serif">Notification </font></td>
        </tr>
      </table>      
      <p>&nbsp;</p>
      <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Timing and Venue of Filing</strong></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">The antimonopoly
          bodies generally must consider motions for approval within 30 days
          from the date of filing,<font size="1">(47)</font> however, under certain
          circumstances, they may extend this period for an additional 20 days.
          In practice, the
        antimonopoly bodies may also request additional documents and thus renew
        the period of consideration.</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Subsequent notifications
          must be filed within 45 days after the reported event took place. <font size="1">(48)</font> The
          Antimonopoly Law does not specify the time period
        within which the Ministry must issue a decision regarding notifications.
        In practice, a reply is usually received within two months after filing.</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Motions for approval
          and notifications of mergers and acquisitions, and notifications of
          the formation of legal entities are filed with the
        federal Ministry of Antimonopoly Policy, if the assets in question exceed
        10 million TMW. <font size="1">(49)</font> In other cases, these motions
        and notifications are filed on the regional level with the relevant subdivisions
        of the Ministry.</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">The acquisition of
          rights to control business activity, transfers of fixed assets, purchases
          of shares and elections to the boards, as set
        forth above, are controlled on the federal level when the assets of the
        entities involved exceed 20 million TMW. <font size="1">(50)</font> Otherwise,
        these events are subject to antimonopoly control on the regional level.</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Basic Information and Documents Required for Filing</strong></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Document requirements are extensive and vary for each type of controlled
        transaction. However, all filings include the registration documents
        of parties to the transaction (charter, certificate of incorporation),
        a statement of the purpose of the transaction, the value of total assets
        involved, and a list of the members of the executive body and the board
        of directors. All foreign documents filed must bear an apostille or consular
        legalization and be supplemented by a certified Russian translation.
        If information provided at filing constitutes a commercial secret, applicants
        must alert the antimonopoly bodies to this fact.</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">After the initial
          filing, the Ministry may require additional information and documents
          before making a decision on the application and may set
        a deadline for the provision of such information and documents at its
        own discretion. <font size="1">(51)</font> Therefore, preparatory work
        to collect the anticipated information and documents should be undertaken
        in advance. Additional
        information may be requested relating not only to the parties to the
        transaction, but also related to other interested persons. The list of
        additional information is extensive. <font size="1">(52)</font> The most
        noteworthy requests include the following:</font></p>
      <blockquote>
        <p><font size="2" face="Arial, Helvetica, sans-serif">a) Information contained in quarterly accounting and statistical reports
            or in their supporting documents, as well as other documents related
            to the calculation and payment of taxes and other obligatory payments
            for three preceding years.</font></p>
        <p><font size="2" face="Arial, Helvetica, sans-serif">b) Description of major types of goods (work, services) supplied to
            the market and their major substitutes in production and consumption.</font></p>
        <p><font size="2" face="Arial, Helvetica, sans-serif">c) Information on the volume and share of supply for government and
            military orders.</font></p>
        <p><font size="2" face="Arial, Helvetica, sans-serif">d)	Description of the market environment before and after the transaction.</font></p>
        <p><font size="2" face="Arial, Helvetica, sans-serif">e) Information on production facilities and the level of their utilization
            for the production of the specific type of goods (work, services), including
            an assessment of the total production facilities of the type in the Russian
            Federation or region.</font></p>
      </blockquote>      <p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Liability for Violation of Antimonopoly Control Rules</strong></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">Failure to file a
          motion for approval or a subsequent notification with the antimonopoly
          bodies when required by law is subject to administrative
        fines. The amount of such fines ranges from 20 to 50 TMW (approximately
        $70-170) for executives, <font size="1">(53)</font> and from 500 to 5,000
        TMW (approximately $1,700-17,000) for legal entities. <font size="1">(54)</font></font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">In addition to administrative
          fines, antimonopoly bodies may seek court ordered liquidation of a
          legal entity formed in contravention of the
        Antimonopoly Law. <font size="1">(55)</font> Furthermore, any transaction
        conducted in violation of the Antimonopoly Law may be challenged and
        invalidated in court proceedings
        on the basis of its illegality. <font size="1">(56)</font> <br>
      </font>                  <font size="1" face="Arial, Helvetica, sans-serif"><br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(37)</font> </font> <font size="1" face="Arial, Helvetica, sans-serif">Law
of the RSFSR No. 948-1, dated March 22, 1991 (as amended).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(38)</font> </font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 2(1).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(39)</font> </font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(4).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(40)</font> </font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(5).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(41)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(1).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(42)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 18(1).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(43) </font></font><font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 18(1).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(44)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 18(1).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(45)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 18(6).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(46)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">TMW
is an abbreviation for &#8220;times the minimum (monthly) wage,&#8221; established
by the Government of the Russian Federation. As of today the minimum wage for
the purposes of administrative law is 100 rubles. Given the current exchange
rate of approximately US$1to RuR 29, the minimum wage is approximately US$3.45.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(47)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(2).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(48)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(5).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(49)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Regulations
on the procedure of filing of motions and notifications with the antimonopoly
bodies under Articles 17 and 18 of the Law of the RSFSR &#8220;On
Competition and Limitation of Monopolistic Activities on Commodity Markets,&#8221; approved
by Ministry of Antimonopoly Policy Order #276, August 13, 1999 (MAP Order), Item
6.1.2.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(50)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">MAP
Order, Item 6.2.1.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(51)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">MAP
Order, Item 5.3.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(52)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">MAP
Order, Appendix 1, Item 2.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(53)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">The
Code of the Russian Federation on Administrative offences #195-FZ, dated December
30, 2001, Article 19(8).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(54)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">The
Code of the Russian Federation on Administrative offences #195-FZ, dated December
30, 2001, Article 19(8).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(55)</font></font> <font size="1" face="Arial, Helvetica, sans-serif">Antimonopoly
Law, Article 17(9).<br>
</font><font size="2" face="Arial, Helvetica, sans-serif"><font size="1">(56)</font></font> <font size="1" face="Arial, Helvetica, sans-serif"></font><font size="1" face="Arial, Helvetica, sans-serif">Russian
Civil Code, Article 168.<br>
</font><font size="2" face="Arial, Helvetica, sans-serif">        </font></p>      <table width="100%" border="0">
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Anon7 - 2021