Article 3 The Capital Investment Regime

1. Each Contracting Party shall ensure on its territory a fair regime for the capital investments of investors of the other Contracting Party as regards their management and control.

2. The regime indicated in point 1 of this article should be no less favourable than the regime provided for its own investors or investors of any third state, depending on which of these, in the opinion of the investor, is more favourable.

3. Each Contracting Party reserves the right to apply and introduce exceptions to the national regime in relation to foreign investors and their capital investment, including reinvested capital investment.

4. The regime provided in accordance with point 2 of this article shall not extend to advantages which a Contracting Party provides or will provide in the future:

in connection with participation in a free trade zone, customs or economic union; on the basis of agreements on the avoidance of double taxation or other arrangements on matters of taxation;

in accordance with agreements of the Russian Federation with states that earlier were part of the former Soviet Union.

5. Without prejudice to the provisions of articles 4, 5 and 8 of this Agreement the Contracting Parties shall accord each other a regime no less favourable than that they accord each other in accordance with the obligations assumed under the Agreement on Foundation of the World Trade Organisation (WTO) of April 15, 1994, including the obligations under the General Agreement on Trade in Services (GATS), and similarly any other multi-party agreement, which may be concluded with the participation of both Contracting Parties and which will affect the capital investment regime.