Abstract | In accordance with the National Plan on the Development of Competition, development of exchange trade is referred to the fundamental principles of the national policy of the Russian Federation in this sector. In the implementation of the National Plan on the Development of Competition, the expected results include, without limitation, an increase in the sales of natural gas at the organized tenders; in the field of oil and oil products, it is planned to develop market pricing mechanisms through development of organized trade in oil for export and formation of a benchmark for Russian oil, and development of the terminal market of oil products.
In the Russian Federation, exchange trade in oil, oil products, and gas is currently performed at JointStock Company Saint-Petersburg International Mercantile Exchange, Joint-Stock Company Saint-Petersburg Stock Exchange, futures contracts for oil are traded at the Moscow Stock Exchange, and exchange trade in certain oil products and liquefied hydrocarbon gases is also carried out at Joint-Stock Company Crimean Stock Exchange. The most active exchange trade in energy resources in the Russian Federation is performed at SPIMEX, JSC.
Taking into account that there are currently few legal studies on the legal regulation of exchange trade in energy resources, and considering the tasks set by the National Plan on the Development of Competition, it seems relevant to conduct a legal analysis of the current state of legal regulation in the Russian Federation, the legal framework for development of exchange trade within the Eurasian Economic Union, and to identify gaps and contradictions. In the performed study, the author examines the general requirements to the organization and conduct of exchange trade established at the level of national legislative and subordinate regulatory legal acts, performs a legal analysis of the acts of SPIMEX, JSC, as related to organizing, regulating, and controlling the exchange trade in oil, oil products, and natural gas, provisions of the Eurasian Economic Union Treaty on formation of common energy markets, Concepts and Programs for the formation of a common electricity market, a common gas market, and common markets of oil and oil products. The work proposes a conditional classification of exchange contracts for trade in energy resources, identifies gaps and contradictions in legal regulation, and suggests possible solutions for their elimination. This work may be useful for further legal research, in the implementation of law-making work, and in the educational process on energy law. |