Russia built a total 211 vessels from 1992 into last year. 90 per cent of that number are now flying foreign flags. Now, the proposed amendments will offer ships registered as Russian preferential fiscal terms on a par with what other countries grant, pointed out the minister.
As Russian ships shift to the Russian flag, the country will gain two to two and a half billion dollars. The amendments also promise to attract overseas capital investment to Russian shipbuilding, added Mr. Levitin.
The ministers who addressed the Cabinet session approved the idea of ship logging. The register will prompt the Russian Navy to protect national maritime transport, said Sergei Ivanov, Defense Minister. The register idea fully complies with his ministry's interests, he added.
