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Putin signs law on investment quotas for fishing

July 04, 21:29 UTC+3 MOSCOW
The law provides that users will independently make the choice between commercial and inshore fishing
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MOSCOW, July 4. /TASS/. Russian President Vladimir Putin signed amendments to the law on fishing and preservation of aquatic biological resources aimed at improvement of fishing quotas allocation mechanism. The document was posted on the official web portal of legal information on Monday.

The document developed by the Federal Fisheries Agency and the Agriculture Ministry contemplates increase of quotas allocation period from 10 to 15 years. Up to 20% of quotas are suggested for provision for investment purposes, to stimulate construction of new vessels and fish processing plants.

The law also provides that users will independently make the choice between commercial and inshore fishing. Inshore catches are set to be delivered to the Russia’s territory in live or chilled way, in line with coastal fishing purposes and international practice.

Amendments will come into force in 10 days after promulgation, except certain provisions.

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