16:31 GMT +318 June 2018
Listen Live
    View from Sevastopol embankment

    Russian Duma to Review Bill to Add Crimean Waters to Special Economic Zone

    © Sputnik /
    Business
    Get short URL
    1103

    A bill to make inland waters and territorial sea along Crimean shoreline part of a local special economic zone was submitted to the Russian State Duma, the latter said Tuesday in a statement.

    MOSCOW (Sputnik) — The statement on the State Duma's website said:

    "To facilitate using transport means under the duty-free zone regulations in Russian inland waters and territorial sea along the Crimean peninsula's coast, it is proposed to include this territories in a special economic zone."

    Russia adopted a federal law on Special Economic Zones in 2005 in a bid to attract domestic and foreign investment into regional infrastructure – industry, tourism, technology and ports – by offering tax and other benefits to businesses.

    A special economic zone in Crimea became operational in January 2015, which meant the introduction of a special tax regime and other incentives for participating businesses.

    Crimea reunified with Russia after over 96 percent of the local population supported the move in a 2014 referendum following the coup in Kiev that toppled then President Viktor Yanukovych. Kiev, as well as the West, did not recognize the move.

    Related:

    Crimea's Rejoining Russia Corrects USSR-Era Mistake - Hofer
    Italian Delegation Visit to Crimea to Boost Cooperation With Peninsula
    Le Pen Plans to Recognize Crimea as Part of Russia if She Becomes President
    Timeless Beauty: A Brief Virtual Tour of Crimea
    Tags:
    special economic zone, State Duma, Crimea, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment