As a Contracting Party’s programmes which provide for public loans, grants, guarantees or insurance for facilitating trade or Investment abroad are not Connected with Investment or related activities of Investors from other Contracting Parties in its Area, such programmes may be subject to constraints with respect to participation in them.
(1) The Contracting Parties acknowledge the importance of open capital markets in encouraging the flow of capital to finance trade in Energy Materials and Products and for the making of and assisting with regard to Investments in Economic Activity in the Energy Sector in the Areas of other Contracting Parties, particularly those with economies in transition. Each Contracting Party shall accordingly endeavour to promote conditions for access to its capital market by companies and nationals of other Contracting Parties, for the purpose of financing trade in Energy Materials and Products and for the purpose of Investment in Economic Activity in the Energy Sector in the Areas of those other Contracting Parties, on a basis no less favourable than that which it accords in like circumstances to its own companies and nationals or companies and nationals of any other Contracting Party or any third state, whichever is the most favourable.
(2) A Contracting Party may adopt and maintain programmes providing for access to public loans, grants, guarantees or insurance for facilitating trade or Investment abroad. It shall make such facilities available, consistent with the objectives, constraints and criteria of such programmes (including any objectives, constraints or criteria relating to the place of business of an applicant for any such facility or the place of delivery of goods or services supplied with the support of any such facility) for Investments in the Economic Activity in the Energy Sector of other Contracting Parties or for financing trade in Energy Materials and Products with other Contracting Parties.
(3) Contracting Parties shall, in implementing programmes in Economic Activity in the Energy Sector to improve the economic stability and investment climates of the Contracting Parties, seek as appropriate to encourage the operations and take advantage of the expertise of relevant international nancial institutions.
(4) Nothing in this Article shall prevent:
(a) financial institutions from applying their own lending or underwriting practices based on market principles and prudential considerations; or
(b) a Contracting Party from taking measures:
Evolution of Article 9:
Energoalians SARL v. Republic of Moldova, UNCITRAL
Dissenting Opinion of Dominic Pellew, 23 October 2013, paragraph 13
Hulley Enterprises Limited (Cyprus) v. Russian Federation, PCA Case No. AA 226
Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraph 432
Veteran Petroleum Limited (Cyprus) v. Russian Federation, PCA Case No. AA 228
Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraph 489
Yukos Universal Limited (Isle of Man) v. Russian Federation, PCA Case No. AA 227
Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraph 433