EU and US Sanctions: Legal Impact on the Russian Energy Sector

摘要

The sanctions limiting energy cooperation with the Russian Federation that have been introduced by the EU and US during the Ukrainian crisis have had a significant impact on the Russian economy and its energy sector in particular. However, despite the absence of truly efficient international legal mechanisms, the Russian legislative system, as well as private entities, have developed an idiosyncratic way to mitigate the adverse effects of the restrictions imposed, including the use of the reciprocal sanctions mechanism, the alteration of the case law interpretation of the force-majeure concept, the elaboration of the draft legislation on sub-soil use and the alteration of contract terminology in order to ensure formal compliance with the sanctions regime. The issues arising from the said legislative and case-law confrontation between the countries concerned, as well as the prospects of its resolution, are addressed in this article.