Russia plans to create a super-large state-owned Far Eastern fishing company.

The Russian government has decided that the wholly state-owned enterprise AO Far Eastern Fish Industry Management Company (AO DRUK) will take over the assets and shares of seafood enterprises that have recently been nationalized. DRUK was established in May 2024, and it is expected that within the next 12 months, 100% of the shares of 55 fishing companies in the Far Eastern region, as well as 96 immovable property assets (including ports and storage facilities, buildings, and land), will be transferred to DRUK. In recent years, the Russian authorities have nationalized some fishing assets in the Far Eastern region on the grounds of "illegal foreign control." The Fisheries Act of the Russian Federation authorizes the prohibition of entities under foreign control from engaging in fishing operations. In 2023, the Russian authorities determined that ZAO Tefida was under foreign control, arbitrarily canceled its crab fishing quota, and nationalized the company's assets. Starting from ...