Development of Legal Regulation of the Institution of Public-Private Partnership and the Role of PPP in the Implementation of Infrastructure Projects: the Experience of the Russian Federation and Foreign Countries

Introduction. The article explores the development of the institution of public-private partnership in Russia, the United States, France and Japan, emphasizing the key features of the legal systems of these countries and their impact on the implementation of large-scale infrastructure projects. The study highlights the essential role of harmonization of the legal and regulatory framework for the successful development of public-private partnership, which requires taking into account the interests of both the public and private sectors.
Materials and methods. The study is based on the following general scientific and special methods: classification, analysis, synthesis, comparative-legal method, system-structural method, technical-legal method, OSINT analysis and study of casual law applied in public-private partnership regulation.
Research results. The paper identifies the main characteristics and differences in the public-private partnership legal systems of Russia, the USA, France and Japan. The Russian regulatory framework governing public-private partnerships is based on the Federal Law No. 225-FZ «On Production Sharing Agreements» dated 30 December 1995, the Federal Law No. 115-FZ «On Concession Agreements» dated 21 July 2005 and the Federal Law No. 224-FZ «On Public-Private Partnership, Municipal-Private Partnership in the Russian Federation and Amendments to Certain Legislative Acts of the Russian Federation» dated 13 July 2015. These federal laws establish the legal framework for the implementation of PPP projects, determine the forms of interaction between public and private partners, as well as regulate the procedure for the conclusion, execution and termination of the relevant agreements. However, despite the development of the existing legal framework, there are certain shortcomings in the Russian practice of PPP project implementation. Primarily, the following should be attributed to them:
- The presence of inconsistencies between regional PPP legal regulation and federal regulation: along with federal laws, the constituent entities of the Russian Federation have their own regulations governing PPPs, which may lead to legal fragmentation and complicate the unification of legal approaches to this institution;
- High transaction costs: complexity and duration of PPP project approval and implementation procedures increase costs for the participants;
- Lack of a single coordinating structure at the federal level: currently, infrastructure projects implemented on the basis of PPPs are subject to approval by the federal or regional executive body in charge of the infrastructure project, which may create different practices of implementation of similar/ contiguous infrastructure projects.
The above deficiencies are compounded by frequent changes in legislation, which creates uncertainty and reduces the attractiveness of the public-private partnership model. in Russian infrastructure projects for private investors. Against this background, the Japanese public-private partnership model stands out for its long-term strategic orientation and effective use of the build-transfer-ownown model. This model minimises the tax burden on private partners while ensuring state ownership of infrastructure facilities, which makes projects both economically efficient and socially significant. In France, on its part, despite the diversity of publicprivate partnership models, the legal regulation of different forms of public-private partnerships is harmonised and there is a clear distinction between concessions and public-private partnership contracts.
Discussion and conclusion. Based on the analysis, recommendations for improving the legal regulation of public-private partnerships in Russia have been proposed. These include harmonisation of regional and federal legislation, reduction of transaction costs and development of special economic regimes providing for the legislative enshrinement of preferences, benefits and guarantees for private (including foreign) investors involved in the implementation of large infrastructure projects on the basis of public-private partnership. In addition, special attention should be paid to the development of a unified institutional structure for the management of public-private partnership participants' projects. 
The implementation of the above measures will create conditions for attracting private investment, increasing the efficiency of infrastructure projects implemented on the basis of public-private partnership

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