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Russia tightens regulatory oversight of foreign investments in country’s fisheries

It is stated that the decree also clarifies the procedure for the enforced revocation of rights for catching aquatic resources, should any violations be detected

MOSCOW, October 3. /TASS/. The Russian government has tightened regulation over foreign investments in the country’s fisheries sector, with a relevant decree having been issued, the Russian Cabinet of Ministers’ press service reported.

"In particular, the issuance of permits for catching aquatic biological resources to Russian companies controlled by foreign investors has been prohibited if a violation committed in the establishment of such control is detected by the Federal Antimonopoly Service as regards the acquisition of more than 35% of the rights for harvesting aquatic biological resources," the Cabinet of Ministers said.

The decree also clarifies the procedure for the enforced revocation of rights for catching [aquatic resources] (cancellation of agreement), should any violations be detected. In particular, the inclusion of a Russian company within a corporate group controlled by a foreign investor has been added to the list of grounds for such revocations.

Amendments have been adopted for the purposes of implementing the norms of the relevant federal law enacted in December 2022, the government clarified.

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