Federation Council supports fishing quotas for investment purposes

The Federation Council has supported the bill on introduction of amendments into the Law on Fisheries and Conservation of Aquatic Biological Resources and certain legislative acts of the Russian Federation in the part of distribution of quotas for catching of aquatic biological resources. Press center of the Ministry for the Development of the Russian Far East says the document has been submitted to RF President Vladimir Putin for endorsement.

In compliance with the Ministry’s proposal, new mechanism is to be applied for the industry development – quotas for catching of aquatic biological resources for investment purposes. 

Having obtained the right for catching investors assume the obligation to purchase Russian vessels and built facilities for fish processing. So, introduction of quotas will contribute to renovation of the fleet and modernization of the onshore infrastructure. 

The draft law also provides for extension of the quota period from 10 to 15 years.

The amendment to the law was approved at the First Eastern Economic Forum. 

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