VLADIMIR PUTIN SIGNS LAW INTRODUCING INVESTMENT QUOTAS TO DEVELOP THE FISHING INDUSTRY
05 July 2016
Amendments to the Federal Law On Fisheries and Conservation of Aquatic Biological Resources and associated individual acts of Russian legislation have taken effect, it was reported in a press release from the Ministry for the Development of the Russian Far East.
The document introduces a new mechanism for developing the industry: catch (fishing) quotas from aquatic biological resources will be tied to investment targets. An investor who obtains fishing rights now takes on the obligation to purchase Russian vessels or to create fish-processing facilities.
The introduction of quotas will facilitate the renewal of the fleet and modernization of littoral infrastructure. The bill also sets out an extension to the time period for which fishing quotas are issued, from ten to 15 years.
The law increases the minimum level of usage provided by the quota from 50% to 70%; legal entities and individual entrepreneurs have to take at least 70% of their catch with their own or leased vessels. Fishing will now be carried out on the basis of a single contract for the right to catch (fish) from aquatic biological resources.