Article 3 Treatment of Investments

1. Each Contracting Party shall ensure in its territory for the investments made by investors of the other Contracting Party and for the activities in connection with such investments, fair and equitable treatment which would exclude the use of discriminatory measures that might hinder management, maintenance, use, enjoyment or disposal of the investments.

2. The treatment referred to in paragraph 1 of this Article shall not be less favourable than that granted with regard to investments and activities in connection with investments by its own investors or investors of any third state.

3. Each Contracting Party shall reserve the right to make or maintain exceptions in accordance with its own legislation from the national treatment granted in accordance with paragraph 2 of this Article.

4. The most favoured nation treatment granted in accordance with paragraph 2 of this Article shall not apply to benefits that the Contracting Party is providing or will provide in the future:

- as a result of a common market, a free trade zone, a customs or economic union;

- under the agreements between the Russian Federation and the states, which had earlier formed the Union of Soviet Socialist Republics;

- on the basis of an agreement to avoid double taxation or other arrangements relating to taxation issues.