The new Federal Law “On the Protection and Promotion of Capital Investments in the Russian Federation” defines investments, capital investments and investment projects as follows: in the event of a dispute over the implementation of an investment project, the parties have the right to refer it for review in accordance with arbitration/mediation agreements. On 19 March 2020, the Duma adopted, in its third and final reading, a series of draft laws aimed at creating a new legal framework for investment activities based on Investment Protection and Promotion Agreements (IPAs). Stability is only guaranteed for an investor`s activities that relate to an investment project. When the investor has activities in addition to the investment project, he must keep separate records of products and other indicators. According to the draft law, the time limit for the consideration of an application is 30 working days from the date of filing, which may be increased to 45 working days if the application contains an application for recognition of a previous agreement as a related agreement and/or the inclusion in the IPPA of a commitment by Russia and a constituent region not to allow the deterioration of financial indicators of investment. Project (if the investment project includes capital investments of more than RUB 300 billion). The bill does not set minimum and maximum periods for or amounts of capital investment under an IPPA. However, the level of capital investment has a direct impact on the duration of effectiveness of the stabilisation clause and on the period and extent of state support measures. The draft law “On amendments to certain legislative acts of the Russian Federation and annulment of certain legislative acts of the Russian Federation in the context of the adoption of the Federal Law on the Protection and Promotion of Investments and Investment Development in the Russian Federation” was adopted only on first reading and proposes amendments to the legislation on PPE. Investment activities, business registration, concession contracts, special economic zones, etc. In other words, in 2021, companies will be able to enter into PPIs for investment projects carried out before the entry into force of the federal law, but not before 7 May 2018.
Hong Kong has made efforts to sign Investment Promotion and Protection Agreements (“IIAPs” or abbreviated “Investment Agreements”) with foreign economies in order to improve reciprocal investment flows and boost our economy. . . .