Russian Banks May Cut Funding for Domestic Industry If Crab Auction Overturns Historical Fish Rights
SEAFOODNEWS.COM [Seafood News] by Eugene Gerden - Dec. 8, 2017
The Russian Ministry of Agriculture has supported a controversial proposal of some Russian fish tycoons close to the country’s President Vladimir Putin to start distribution of crab quotas at auctions, where bidders could particpate without regard to any previous history in the fishery.
"The current rules need to be changed" - according to recent statements of the Russian Minister of Agriculture Alexander Tkachev.
Alexander Tkachev comments:
"Over the course of the year, we discussed with the industry community the best mechanism for increasing the economic returns from crab catch, including a review taxes and the introduction of investment quotas. The optimal solution would be to change the rules for allocating quotas for crab catch, beginning with the distributing of quotas at open auctions."
He noted that this is a highly profitable type of fishery, but "because of poaching and serious abuses in the field of crab sales...
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