MOSCOW, August 15. /TASS/. Russian President Vladimir Putin introduced amendments to the decree on transfer of the Sakhalin-1 project to the Russian jurisdiction that pertain to transfers of stakes into it to foreign participants.

The relevant document was signed on August 15. According to amendments, a stake will be transferred to a company in case it meets a number of conditions. In particular, a foreign party to the consortium should perform actions on cancellation of shares adversely affecting the project. "Performance of actions by the foreign party to the consortium that led to cancellations of political and economic sanctions adversely affecting performance of the agreement by the foreign countries, including appeals against them in court if needed," the list of conditions indicates.

Conditions also comprise entering into agreements on supply of equipment of foreign production required for the project and spare parts to them, and agreements on technical cooperation. Furthermore, the company should itself or via other parties transfer money accumulated earlier at the liquidation account under the agreement to the settlement account of the new operator of the Sakhalin-1 project.

In fall 2022, Russia transferred the Sakhalin-1 project operator into the Russian jurisdiction. The new operator was registered on October 14, 2022. The Russian government authorized earlier to transfer the stake of 20% in the new operator to ONGC Videsh Limited and 30% to Sakhalin Oil and Gas Development Co. Ltd. (Sodeco), which stated their desire to remain in the project. Rosneft holds 20% more in the project. The share of Exxon Neftegaz is 30% but ExxonMobil announced in March 2022 that it left the Sakhalin-1 project and withdrew from Russia. The timeline for the sale of the Exxon’s stake in the Sakhalin-1 project is by January 1, 2026.