The Russian government has amended the rules for transferring crab-fishing vessels under construction under the investment quota programme. The amendments have been made to Government Resolution No. 1191 dated 22 July 2023. This document sets out the requirements for the technical specifications, construction deadlines, and costs of vessels being built under agreements for the allocation and provision of crab quota shares.
Previously, when agreements were terminated, incoming investors had to overhaul the entire project to comply with current regulations, including the use of Russian-made components and revised construction schedules, explained Konstantin Krasnokutskiy, managing partner at the law firm NAVICUS.LAW, in a comment to the newspaper Vedomosti. This often resulted in delays, as technical specifications had been updated and earlier projects lost their preferential status. With no mechanism in place for transferring rights, investors were effectively forced to start from scratch, rendering project completion economically unviable.
“Under the new rules, incoming investors will be able to continue construction on the original terms, retaining both the keel-laying date and the initial project requirements. Since the project timelines remain unchanged, participants are free to transfer unfinished vessels between one another,” Krasnokutskiy noted.
To learn more about the changes to the rules on the transfer of unfinished crab-fishing vessels, read the full article via the link.
