Sanctions of irresistable force
We have proposed to our colleagues to figure out the force-majeure circumstances that may proceed from the political sanctions «…» In the СNBC interview Mr.Sechin has claimed that the “the following issue is of great concern as with this a company gets an opportunity to not write-off its losses”. According to Mr. Sechin the following allows to carry out agreements: “an agreement ought to be fulfilled with any circumstances”-has announced Mr. Sechin at the World Petrolium congress- “with this the implementation of arbitrage system should be dwelt on”. There is a low chance that an Arbitrage court of the country that implements sanctions would remain impartial”. The representative of Rosneft was not available for further comments. Rosneft has a long-term contracts with Asian and European companies. The company has settled a bargain with Vitol, Glencore and Trafigura on oil and oil and oil-products supply for 5 years. Traders have already paid the pre-payment in amount of 307 billion rubles.
Rosneft exports oil to European factories, in particular to Italian Eni and Polish PKN Orlen companies. The strategic partnership is set with ExxonMobil, Statoil and Eni within and outside Russia.
In April Mr.Sechin was inclided in the US sanction list: “the sanctions were slapped not on Rosneft but on Mr.Sechin who is a head and chairman of Rosneft” <...> “the US residents are free to deal with Rosneft”- has explained further the head of US Ministry of Finance. “Europe and the USA look to for the further sanctions against Russian energy, banking and defense sectors”- said this week the US spokesperson Victoria Nuland.
It is unknown weather Rosneft agreements take in concern the risks from sanctions as well as other points. The Rosneft representative refused any comments on the following issue. “The judicial practice comprises the full list of circumstances that are regarded as force-majeure”- claims advocate of Yukov and partners company Alina Toporina. “The force-majeur includes applying sanctions what may change the agenda drastically and denounce a treaty ” – says Ms.Toporina.
“The law of particular countries (including the USA and England) regards sanctions as circumstances of irresistible force (force-majeur)”- explains the managing partner of Art de Lex law firm Dmitry Magonya. “There is no need to mark the following point in agreement, nevertheless the reference to sanctions would rule out any doubts by both parties on force-majeur”- according to Mr. Magonya Rosneft is supposed to proceed from the following principle. “As a result the counterparty may try to avoid taking on responsibilities for briching agreement, with this the party which regards sanctions as disadvantage may appeal for the premium for the risks. The following premium cost is to be included the contract price”- notifies Mr.Magonya.
The full version of the article: http://www.vedomosti.ru/newspaper/article/700701/sankcii-nepreodolimoj-sily#ixzz35BPVuWjc"
