Russia Changes its Quota Laws to Require 70% Use on Own Vessels; Industry Expects Bankruptcies
SEAFOODNEWS.COM by Eugene Gerden June 16, 2016
New legislative amendments may result in the bankruptcy of 20% of Russian fish producers.
The Russian government has finally approved a package of amendments to the federal law " On Fishing", which may result in a significant change of the balance of powers in the Russian fishing market.
The amendments have prolonged the duration of quotas from 10 to 15 years and involve the allocation of 20% of their volume under investment projects.
In addition, the new amendments have resulted in the increase of the minimal amount of usage of quotas from 50% to 70%. Finally, up to 70% of fish, that will be caught in accordance with the quotas should take place on the own vessels of holders of the quotas.
The latter, according to plans of Rosrybolovstvo, should result in the withdrawal of so-called fish rentiers from the market...
To Read Full Story Login Below.