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The VEGAS LEX law firm and First Infrastructure Company (InfraONE) have represented Russia’s Federal Road Agency, Rosavtodor, at the financial close phase of the 12-plus-ton project and will continue the legal services until the system goes on stream.

On March 30, 2015, the 12-plus-ton project* reached financial close**. The VEGAS LEX law firm and First Infrastructure Company (InfraONE) have serviced Rosavtodor*** (the concession grantor) through that phase and will continue representing the federal agency up until the planned toll system becomes operational. The project will be financed from a number of sources in cluding Gazprombank. The financial close phase included the signing of a direct agreement between the concession grantor (Rosavtodor), the concession holder (RT-Invest Transport Systems)**** and Gazprombank, and a separate loan agreement between RT-Invest Transport Systems and Gazprombank.

The concession holder agrees to ensure, in the course of the next 13 year, a comprehensive implementation of the project including design, construction, launch and subsequent upgrades of the system. According to estimates, the project will yield an income of around RUR1 trillion to the federal budget.

The project will help expand and improve the quality of roads and the related infrastructure in Russia. According to experts, the damage that one truck heavier than 12 tons does to road surface is equal to that done by 20,000 cars (or up to 90,000 cars, according to other experts).

For more information, please contact Marina Zhegulina of VEGAS LEX Press Service at +7 (495) 933 0800.

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* The Russian project to create a tolling system is one of the largest in the world. The new system will be unique in terms of the span of roads it will cover and the number of users.

** Financial close involves a confirmation that the participants have sufficient own and borrowed funds to execute the project (including the loan agreements signed).

*** The Federal Road Agency (Rosavtodor) is represented by the so-called Advisers’ Group, which includes the VEGAS LEX law firm (organizational and legal issues), the InfraONE First Infrastructure Company (investment and financial issues), the GLONASS nonprofit partnership (technical consultancy) and Navigator Group (technical supervisor).

**** As was reported earlier, the Government of the Russian Federation and RT-Invest Transport Systems signed in September 2014 a concession agreement on one of the largest investment projects in Russia to introduce a tolling system for vehicles heavier than 12 metric tons.