The Russian government has approved the bill, which amends the procedure for allocation of quotas of water biological resources, in particular the document proposes to allocate 20% quota for investment purposes, according to a statement on the website of the Cabinet.
The amendments are provided for by amendments to the law “On Fisheries and Conservation of Aquatic Biological Resources”. The bill proposed an increase from 10 to 15 in years of fixing the catch quotas of aquatic biological resources, allocating 20% quotas for investment purposes, raising the threshold for developing aquatic biological resources for two consecutive years from 50% to 70% of the volume of industrial quotas or coastal quotas allocated.
"To approve the subject of the discussion, a draft federal law ... and Certain Legislative Acts of the Russian Federation in terms of improving the distribution of quotas (catch) of aquatic biological resources", finalized in 3-day period certain provisions of the bill, and submit it to the State Duma in accordance with established procedure "- said on the government website.
As previously mentioned in reference to the document, the bill will allow business entities engaged in fishing and ensure the long-term business planning, more fully to master production volumes (catch) of aquatic biological resources, and will promote the growth of investment in the construction of fishing vessels at Russian shipyards and facilities of fish processing .
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