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. Last Updated: 07/27/2016

Putin Rejects Energy Charter Treaty

Prime Minister Vladimir Putin has signed an order rejecting Russia’s participation in the Energy Charter Treaty, the government said Thursday.

Russia’s rejection of the 15-year-old treaty was supported by the energy and foreign ministries, the government said in a statement. Moscow gave no further details but has already signaled its intent to pursue its own alternative plan.

Russia is the world’s largest energy supplier, producing more gas than any other country and is second only to Saudi Arabia as an oil exporter.

The Energy Charter Treaty, to which 51 states have either signed or acceded to, exists to provide a legal structure for resolving disputes between countries. Russia has previously said it is biased toward consumers and has declined to ratify it.

President Dmitry Medvedev proposed a new energy charter in March.