Risks in the Implementation of Concession Agreements: Legal Mechanisms for Minimization and Insurance

The article focuses on analyzing the legal mechanisms for minimizing and insuring risks within concession agreements, a topic of current relevance due to the increase in PPP projects in Russia and existing legal gaps. The aim of the research is to systematize approaches to the allocation of responsibilities between the state and private investors, and to propose measures for improving the regulatory framework. Through a dogmatic analysis of Federal Law No. 115-FZ «On Concession Agreements,» judicial practice, and international experiences (EU Directive 2014/23, MIGA practices), key issues were identified: ambiguity in the interpretation of force majeure, lack of mandatory insurance for systemic risks, and limited arbitration tools. The main conclusions include:

1. The necessity of legislating mandatory insurance for construction, environmental, and political risks to reduce project vulnerability, as exemplified by the Pulkovo Airport modernization case.

2. The importance of establishing a state PPP risk insurance fund, similar to India's NIIF, to cover catastrophic events.

3. The implementation of tax incentives for private insurers (following Kazakhstan's example) and the ratification of international conventions (such as the Istanbul Convention 2024) to integrate into global financing chains.

The study emphasizes that synchronizing Russian legislation with ESG principles and MIGA standards, along with the development of digital risk management tools (digital twins), will enhance the investment appeal of PPPs in a polycrisis reality. The results are practically significant for government bodies, concession participants, and insurance companies.