Russia amends shipping code to allow open register

Russian President Vladimir Putin has signed a federal law on amendments to the merchant shipping code to pave the way for the formation of a Russian open register of ships.

The register is anticipated for registration of marine vessels (excluding fishing ones) owned by foreign individuals and legal entities.

As the government’s official statement informs, sport, sailing, pleasure, as well as small craft used in commercial and noncommercial operations can be included into this list. Ships filed into the open register will be granted a right to wear Russian flag colors.

This came as the Russian President signed a package of laws establishing special taxation zones for foreign companies on the Russky Island in the Far East and the Oktyabrsky Island in the Kaliningrad Region, according to data provided by Russian news agency TASS.

Currently, Russian commercial flagged fleet ranks 24th in terms of value.