Russian Federation
Declaration:
According to expert opinion, industrial exploitation of deep sea-bed mineral resources will not start earlier than in ten to fifteen years. Therefore, the International body for the sea-bed will not have a subject of real activity for a long time yet, which fact highlights especially the financial aspects of activities of the newly established organization. It is important to avoid non-productive administrative and other expenditures, to abstain from establishing yet unnecessary structures and positions, and to strictly observe the agreements concerning the economy regime reflected in the Agreement.
The efforts aimed at rendering universal the UN Convention on the Law of the Sea of 1982 can, in the long run, produce a positive result only if all the States act on the basis of the above-mentioned agreements without trying to seek any unilateral advantages, and if they succeed in establishing a cooperation free of discrimination and with a due account of the interests of potential investors in deep sea-bed mining.