In 1799 Paul I, Tsar of the Russian Empire, issued a ukase creating the Russian-American Company (RAC). It was granted monopolistic control north of the 55th parallel north, which had been the Russian claim since 1790, as well as the right to operate and occupy territory to the south as long as the lands had not been previously occupied, or dependent on any other nation. In 1821 the RAC's charter was renewed and at the same time an ukase proclaimed that Russian sovereignty extended south to the 51st parallel, and that waters north of that line were closed to foreign shipping. The ukase was met with strong objections by the United States and Great Britain. Subsequent negotiations resulted in a clear and permanent boundary for Russian America, the southward terminus of which was established at 54°40′ north.