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Abstract
The petroleum sector is a very interesting area for foreign investment in Russia. However, due to the lack of a satisfactory legal framework, few substantial investments have been carried out so far.
Great expectations arose in connection with the preparation of a Law on Production Sharing Agreements (PSAs), and intensive legal advice was rendered to Russian authorities by foreign sources; yet the resulting Act cannot be considered fully satisfactory.
This article analyses the PSA Law and the background for choosing PSAs to regulate petroleum investments in Russia, as opposed to other instruments such as concessions; it concludes that the adoption of foreign legal models should be based on a thorough analysis of the involved legal, economic, social and other surrounding circumstances.