Decision of Economic Court of the Commonwealth of Independent States
of January 21, 1997 No. C-1/12-96/C-1/18-96
Economic Court of the Commonwealth of Independent States in structure:
the chairman - the vice-chairman of Economic Court Apostle D.D.,
judges of Economic Court of Bekenov R. A., Vylkova I. K., Dashuka L. A., Makhmudova L. Sh., Miroshnik V. I., Simonyana G. V.,
in case of Madudina T. I. secretary.,
with participation of General advisers of Economic Court of Pronina M. G. and Lazarenkova E.V.,
having considered case on requests of Interstate bank and the Executive Secretariat of the Commonwealth of Independent States on interpretation in proceeding in open court,
The interstate bank and the Executive Secretariat of the Commonwealth of Independent States appealed to Economic Court with statements for interpretation of Article 6 of the Agreement on cooperation in the field of investing activities of December 24, 1993, and Interstate bank - and about interpretation of article 16 of the Agreement on mutual recognition of the rights and regulation of the relations of property of October 9, 1992.
Interpretation as applicants specify, is necessary for determination of legal status of investors of the State Parties of the Agreement on cooperation in the field of investing activities of December 24, 1993 in the territory of other State Parties of this Agreement, and in particular whether investors of the State Parties in the territory of each other have the status of foreign investors.
The analysis of the Agreement of December 24, 1993 of the legislation on investments existing in the State Parties, and also Agreements on cooperation in the field of investing activities of December 24, 1993 allowed Economic Court to draw the following conclusions.
The investors performing investments in the territory of any state depending on their national (state) identity are subdivided into two groups: national investors and foreign investors.
the legal entities of the state in the place of investment created according to the legislation of this state;
physical persons - the citizens of the state in the place of investment who are constantly living in its territory citizens of other states (foreign citizens), and also stateless persons;
the state and the state and administrative-territorial educations located within its territory on behalf of the legal entities and physical persons authorized by them according to the legislation of this state.
It is conditionally possible to call this group of investors "own investors of the state in the place of investment" or "investors of this state".
foreign legal entities;
foreign citizens, stateless persons, and also the citizens of the state in the place of investment having the permanent residence abroad;
Taking into account stated it is necessary to state that the investors of one State Party of the Commonwealth of Independent States performing investments in the territory of other State Party shall be considered as foreign investors.
The national legal system of the State Parties of the Commonwealth of Independent States contains the special legal acts and regulations regulating national investments, on the one hand, and foreign investments - with another.
The legal acts of the State Parties of the Commonwealth regulating foreign investments in their territories provide concerning the specified investments, and also activities of foreign investors for implementation of these investments at least favorable legal regime, than for investing activities of legal entities and citizens of the country (country recipient), behind the exceptions provided by the Law (article 6 of the Law RSFSR of July 4, 1991 "About foreign investments in RSFSR", article 6 of the Law of the Republic of Armenia of July 31, 1991 "About foreign investments", article 7 of the Decree of Ukraine of May 20, 1993 "About the mode of foreign investment", etc.).
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