In all, 48 new vessels and 30 fish-processing plants have already been built under the investment quotas program, Head of the Federal Agency for Fisheries Ilya Shestakov said during his working trip to Khabarovsk.

“We are expecting that over 120 vessels will be built during two stages of the investment quotas program. Of course, this program has major significance for overhauling the fishing fleet and modernizing the fish-processing sector,” he moted.

About 500 agreements have been signed during a campaign to conclude documents for the use of fishing sectors. According to Ilya Shestakov, most applications are to be submitted following New Year holidays. The Federal Agency for Fisheries is working to amend legislation and to postpone agreement-renewal payments.

Ilya Shestakov said it was necessary to discuss the issue of restricting the use of old vessels; these restrictions might prove ineffective without incentives.

“If this program is approved, about 500 fishing vessels will have to be scrapped,” he added.

According to the Head of the Federal Agency for Fisheries, members of the Joint Russian-Norwegian Commission for Fisheries will discuss the issue of lifting restrictions for Russian-made fishing vessels. Ilya Shestakov expressed hope that sanctions would be lifted and said Russia was ready to reciprocate, in case of refusal, including a possible ban on Norwegian fishing operations in the Russian economic zone.