Fish exchanges on Russian government’s agenda

The Russian government is planning to oblige suppliers to export certain types of fish products from the Russian Far Eastern through electronic exchanges, reports Megafishnet.com.

According to VetandLife, such a provision is included in the "National Program of socio-economic development of the Far East for the period up to 2024 and for the future up to 2035". Meanwhile the region provides 70% of the catch of aquatic biological resources in the country.

The document does not specify exactly how the idea will be implemented. Currently Russia’s Federal Agency for Fishery (FAF) is " working on issues related to the implementation of the necessary mechanism," according to FAF.

Earlier, the fishery head Ilya Shestakov said that pollock roe, crabs and some other types of products that are in great demand abroad can become the first in the list for auction and exchange trading. Russia produces about 50% of pollock in the world with its roe seen as a hard currency earner, like crab or shrimp.

According to Ilya Shestakov, the innovations will increase the transparency of exports and its economic return. However, before introducing such requirements, it is necessary to create infrastructure and develop exchange standards. At the same time, any platform that meets the requirements will be able to participate in the exchange trading mechanism