ACTS OF PUBLIC AUTHORITIES AS FORCE MAJEURE IN INTERNATIONAL OIL AND GAS SALES CONTRACTS

АКТЫ ГОСУДАРСТВЕННЫХ ОРГАНОВ КАК ФОРС-МАЖОР В ДОГОВОРАХ МЕЖДУНАРОДНОЙ КУПЛИ-ПРОДАЖИ НЕФТИ И ГАЗА

Miskovic, Masa (Мишкович, Маша) ()
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Miskovic, Masa (Мишкович, Маша): Russian Presidential Academy of National Economy and Public Administration

Public administration, 2023, vol. 25, issue 4, 110-118

Abstract: The article investigates the influence of acts of publicauthorities on the fulfillment of obligations under international oil and gas sales contracts. The author considers whether such acts may constitute hardships (force majeure) that can be invoked by contracting parties to exempt themselves from the fulfillment of contractual obligations or contractual liability. The article analyses arbitration and court decisions on disputes arising in this area since the 1970s.The issue became particularly relevant in 2022, when Presidential Decree of March 31,2022,No.172 «On Special Procedure for the Fulfillment by Foreign Buyers of Obligations to Russian Natural Gas Suppliers» was adopted. There is already the first arbitral decision on this issue,which has qualified this act as force majeure.The question of whether acts of public authorities constitute circumstances of force majeure in international oil and gas sales contracts is not unambiguous,as it depends on the circumstances of each specific case.In arbitrations where it was found that government actions about state-owned businesses couldn’t be considered a force majeure, the arbitrators looked at the terms of the contract and the way the risk of unforeseeable events was divided between the contracting parties.

Keywords: FORCE MAJEURE; ACTS OF STATE AUTHORITIES; OIL AND GAS SALES; INTERNATIONAL SALES CONTRACTS (search for similar items in EconPapers)
Date: 2023
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