New Agreement between Russia and China on the Promotion and Reciprocal Protection of Investments 2025

The article examines the provisions of the new Agreement between Russia and China on the Promotion and Reciprocal Protection of Investments, which was signed and ratified in 2025 and replaced the Agreement of 2006. The article shows the relationship between the new and old Agreements, highlighting the new provisions included in the new Agreement. These include, in particular, the characteristics that an investment must have. The concept of "investor" is examined in detail, and the categories of persons excluded from the concept of "investor" by the new Agreement are indicated. The factors that should be taken into account in determining whether a measure of the host state in a specific factual situation constitutes expropriation, as well as which measures do not constitute expropriation under the Agreement 2025. The concept of "transparency" is examined, which implies the obligation of states to promptly publish information regarding the issues covered by the Agreement. The procedure for conducting administrative and permitting procedures applied to investments of investors of another participating state is shown. The changes that were made to the provisions on the procedure for settlement of investment disputes between the host state and a foreign investor are examined. It is noted that the Agreement 2025 is more in line with the “latest generation” of agreements.

1. Алексеенко А. П. Правовое регулирование отношений в сфере прямых иностранных инвестиций в Российской Федерации и Китайской Народной Республике: сравнительно-правовой аспект. — М. : Проспект, 2018.

2. Викторова Н. Н. Злоупотребление правом со стороны индивидуальных инвесторов в инвестиционном арбитраже // Вестник Университета имени О.Е. Кутафина (МГЮА). — 2021. — № 3 (79). — С. 72—81.

3. Викторова Н. Н. Участие стран БРИКС в международных инвестиционных договорах «нового поколения» // Вестник Университета имени О.Е. Кутафина (МГЮА). — 2025. — № 3 (127). — С. 45—53.

4. Мантусов В. Б. Интеграционные процессы и сотрудничество России со странами БРИКС // Вестник Российской таможенной академии. — 2022. — № 3. — С. 9—23.