14.12.07

President Putin signed federal law “On Introduction of Changes to the Federal Law ‘On the Fishing Industry and Preservation of Aquatic Biological Resources’ and to Other Individual Legislative Acts of the Russian Federation.”

The federal law regulates issues of creation and disposition of rights for “extraction (catching) of aquatic biological resources.” According to the law, creation of extraction rights is based on appropriate agreements and decisions of state authorities, granting use of aquatic biological resources. The law defines the content of agreements and how they should be drawn up and approved. It includes provisions for establishing a list of aquatic biological resources for which the total allowable catch amounts must be defined.

Foreigners and foreign-owned fishing vessels are prohibited from participating in Russia’s fishing industry, including coastal fishing.

The law also improves the regulation of the management, control, and supervision of the fishing industry and the preservation of aquatic biological resources. The Tax Code of the Russian Federation now provides tax incentives for fishery organizations delivering their catch for processing and sale in the Russian Federation.

Read More about Legal Services from Alinga Consulting Group