In 1995, President Boris Yeltsin signed the legislation on production sharing agreements (PSAs). This long anticipated body of law will provide the framework for completing several of the PSAs that are currently under final negotiations and begin the process of bringing new areas up for tender. The law provides the basis for energy companies to cautiously proceed with projects that have been waiting legal basis. In general, the new legislation in combination with the existing law of The Russian Federation On The Subsoil lay the foundation for progress.