LUGANO, May 12 – Russia's war against Ukraine has led to the suspension of almost all production sharing agreements (PSAs) signed in the oil and gas industry, as investors took advantage of the force majeure rule, Deputy Energy Minister of Ukraine Farid Safarov said at the Ukrainian-Swiss Lugano Business Forum on Friday.

"Unfortunately, work on implementing production sharing agreements has been suspended. Today, one company, WELL CO LLC, is mining under a production sharing agreement, since this area [Uhnivska site, Ivano-Frankivsk region] is within the minimum risk range," he said.