Russia Amends Shipping Code for Open Register

Russian President Vladimir Putin has signed a law to amend the Merchant Shipping Code to allow the establishment of a Russian Open Register of Ships.

The law grants the right to sail under the Russian flag to ships entered into the Russian Open Register of Ships which are owned by foreign citizens or foreign legal entities. According to TASS news agency, the move excludes fishing vessels but includes pleasure craft and small craft used for commercial purposes.

Putin also signed a package of laws establishing special tax havens for foreign companies on Russky Island in the Far East and Oktyabrsky Island in the Kaliningrad Region.

Russia currently ranks 24th by value of their commercial flagged fleet. VesselsValue provides some insight:

The Russian Flagged Fleet

Who flags in Russia?

Where does Russia flag its vessels?