RUSSIAN COUNCIL DRAFTS LAW TO STREAMLINE OFFSHORE REGULATIONS

The Russian Supreme Soviet's Council of Nationalities has adopted on first reading a bill to streamline the licensing procedure for extracting natural resources from the nation's continental shelf. Purpose of the proposed legislation is to rectify old Soviet laws that diverge in many respects from current international legal norms. The bill was drafted in anticipation of expanding shelf development by Russian and foreign companies, according to the Moscow business publication

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