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Russia is currently engaged in a major overhaul of legislation governing the subsoil. The new legal framework will confirm the recent centralisation of authority over subsoil use and initiate the transition from a licensing regime to a regime based on civil law agreements between the state and investors. A civil law regime could provide investors with much more favourable conditions, but the success depends on the nature of the secondary legislation still to be drafted and on progress in strengthening judicial impartiality and independence.