Russian seafood export flows will be handled by European - Asian Exchange

The Russian Fish Exchange, which is to handle seafood exports from Russia in the future under the amended Law On Fishery and Conservation of Aquatic Biological Resources will be launched in 2009 on the basis of the existing Moscow-based European-Asian Exchange, Head of Russia's State Fisheries Committee A. Krainiy told RIA Novosti.

European-Asian exchange has been working on Russian market and has certain experience in this field. In 2000 - 2003 fish auctions were held on the basis of European - Asian exchange where catch quotas were sold.

In the course of time the Russian Government abandoned from such method of quota selling.

From 2009 direct sale and buying of fish consignments without agents at fish exchange will be organized.

Auctions will take place daily on-line and the fish will be offered directly from cold stores of big Russian ports.

State Fisheries Committee is expecting that auctions will help reduce prices of seafood products 20 - 40% bypassing numerous brokers.

As A. Krainiy stated the products which will be intended for export only. The Rosselkhozbank will give big loans per year to support the operations of the exchange.

The fish exchange will be organized in the form of not commercial partnership of fishing companies who will found the partnership with the share of 5 - 7%. The exchange will have 5 subsidiaries on the territory of the Russian Federation. All the profits received from fish exchange operations will be invested in its further development.

Selling of biological resources via fish exchange is stipulated in the new edition of the Federal Law On Fishery and Conservation of Aquatic Biological Resources which which contains several important provisions coming into force on 1 January 2009.