The federal law was developed according to the corresponding order of the President of the Russian Federation.
The federal law contains measures designed to increase the competitiveness of the Russian commercial fleet's vessels (specializing first of all in international maritime shipping) and to stimulate its modernization by creating a Russian international shipping register.
Registration in the said register provides for the creation of preferential tax and customs regimes and other conditions so that vessels can successfully provide transportation services in the world market.
The said federal law provides for modifications of the Russian Federation's Maritime Shipping Code, Tax Code and law ”On Customs Duties“.
The law was accepted by the State Duma on 23 November 2005 and approved by the Council of the Federation on 7 December 2005.