The States participants in this Convention hereinafter called the Parties,
considering the effective protection of the rights of the investor the required condition for the development of economies of the Parties,
assisting in attraction of investments into the national economies of the Parties,
being guided by the Treaty on Creation of the Economic Union of September 24, 1993,
in development of the Agreement on Co-operation in the Sphere of Investment Activities of December 24, 1993,
striving to the creation of the joint investment space and a co-ordinated approach to the issues connected with the attraction of investments,
HAVE AGREED UPON THE FOLLOWING:
the investments shall mean financial and material resources invested by the investor into different objects of activities as well as transferred rights to property and intellectual property for the purpose of obtaining profit (income) or achieving a social effect if they are not withdrawn from circulation or are not limited in circulation in accordance with the national legislation of the Parties;
Conditions for implementation of investments as well as the legal treatment for activities of investors in connection with implementation of investments may not be less favourable that the conditions for implementation of investments and the treatment of activities connected with them for legal and physical persons of the recipient country with the exception of exclusions that may be established by the national legislation of the recipient country.
In case if, after this Convention comes into force, the Parties will change legislative norms concerning investments that will, in opinion of one or several Parties concerned, worsen the conditions and the treatment of investment activities, this issue may be brought for consideration of the Economic Court of the Commonwealth of Independent States and/or other international courts of justice or international courts of arbitration.
If the said courts make a decision confirming the fact of worsening of conditions and treatment for investment activities, the validity of the mentioned legislative norms shall be suspended from the time of their passing (that is, such conditions and treatment shall be preserved as if these norms had not been passed) and shall be resumed from the time of expiration of a five-year period from the date of making the decision on condition and in the part that do not contradict this Convention. This provision does not cover a change of the legislation concerning defence, national security, and protection of public order, environment, moral and health of the population, taxation as well as the list of exclusions.
Investments shall not be liable to nationalisation and may not be subjected to requisition except in exclusive cases (natural calamities, incidents, epidemic, epizootic and other circumstances of extreme character) stipulated by the national legislation of the Parties when such measures are taken in public interests stipulated by the Basic Law (Constitution) of the recipient country. Nationalisation or requisition may not be implemented without paying the investor the adequate compensation.
Disputes as regards implementation of investments within the framework of this Convention shall be considered by courts of justice or courts of arbitration of the countries that are participants in disputes, the Economic Court of the Commonwealth of Independent States and/or other international courts of justice or international courts of arbitration.
Upon payment of taxes and duties on incomes obtained in monetary form from investments implemented earlier in accordance with the national legislation of the recipient country that is participant in the Convention, the investor shall be guaranteed:
Upon payment of taxes and duties on incomes obtained in kind from investments implemented earlier in accordance with the legislation of the recipient country that is participant in the Convention, the investor shall be guaranteed:
Cancellation of a decision on privatisation of a facility as well as alteration of the procedure and method of privatisation in case if an investor took part in privatisation of the facility as well as, equally, cancellation of transactions on privatisation may be performed through a court of justice.
The Parties shall undertake, when privatisation is carried out, to inform each other on the following issues:
Provision to the investor of the rights for use of natural resources and performance of types of activities referred to the state monopoly of the recipient country as well as of the rights to entrepreneurial activities connected with the use of facilities representing state property of the recipient country shall be executed in accordance with concession contracts and agreements on division of products made according to the procedure established by legislation of the recipient country.
Giving on lease to the investor of property of citizens and legal entities of the recipient country and of facilities of state property of the recipient country and giving on lease to investors of one’s own property located in the territory of the recipient country as well as cancellation of such contractual relations shall be executed according to the procedure and on conditions established by the legislation of the recipient country.
This Convention shall be subject to ratification by the signatory Parties in accordance with their domestic procedures and shall enter into force on the 30th day as of the day of submission of the third instrument of ratification to the depository for deposit. For Parties that ratify the Convention later, the Convention shall come into force on the 30th day as of the day of submission by them of their instruments of ratification to the depository for deposit.
Other states may accede to this Convention, after it enters into force, with consent of the Parties, by by way of transfer to the depository of documents on such accession. Accession shall be considered as valid on expiration of 30 days as of the day of receipt by the depository of the last notification of the consent of the parties with such accession.
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