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Russian Government approves regulation on crab boats

Russian Government approves regulation on crab boats

Russian fishing companies will get compensation from the Russian Government for the building of crab catching boats in Far East based domestic shipyards.

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Prime Minister Mikhail Mishustin signed the corresponding decree, the press office of the Government announced.

The subsidy will cover 20 per cent of the order amount, not more than 340 million RUB. The plan envisages awarding subsidies to organizations that have earned fishing quotas in the form of online reselling of crab quata.

They agreed to purchase medium-tonnage vessels constructed at Russian shipyards as part of the agreement to secure the share.

The Ministry of Industry and Trade is tasked with implementing and controlling their execution of agreements on granting subsidies. The new law takes effect as of 1 January 2021.

It is noted that the program offering quotas for crab fishing in return for investments in shipbuilding will help to sustain the shipbuilding industry in the Far East and promote the regeneration of the country's fishing fleet.

Maritime Business World 

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