RF President Vladimir Putin has signed the Federal Law “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. The document gas been published at the official portal for legal information.
The Laws introduce a new mechanism for the industry development – quotas for catching of aquatic biological resources for investment purposes.
The Law provides for extension of the quota period from 10 years (approved in 2008) to 15 years, granting of 20% of quotas for investment purposes, etc… .
To remove excessive administrative barriers the Law provides for establishment of a single fishery area and signing a single contract for fixing the shares of catch quotas allowing for industry and coastal fishery. Certain economic incentives are foreseen for the development of coastal fishery.
The State Duma of the Russian Federation passed the Law on June 24, 2016; the Federation Council approved it on June 29, 2016.
The Federal Law No 349-FL dated July 3, 2016 is available in Russian at the website of IAA PortNews >>>>
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