Russia formally accepts WTO Agreement on Fisheries Subsidies

ST PETERSBURG -- Russia formally accepted the World Trade Organization's Agreement on Fisheries Subsidies on Monday, bringing this agreement closer to entering into force.

According to the press service of the Russian Ministry of Economic Development, Ambassador of Russia to the WTO Nikolai Platonov presented Russia's instrument of acceptance of the agreement to Director-General Ngozi Okonjo-Iweala on Monday.

The WTO agreement, adopted by consensus in June 2022, bans subsidies for illegal, unreported and unregulated fishing, activities in unregulated high seas and overfished stocks. It aims to preserve biodiversity and mitigate climate change.

Russia is the 72nd WTO member to have formally accepted the agreement. The agreement will enter into force upon acceptance of its legal instrument by two-thirds of the membership.