Russian President Vladimir Putin signed the law on the inclusion of coastal waters of the annexed Ukrainian Crimean peninsula into the "special economic zone" that had been earlier adopted by the State Duma.
“The new law was posted on July 1 on the official website of legal resource. In October 2016, the Russian government approved a draft amendment to the law extending the Crimean special economic zone (SEZ). The State Duma adopted the law on June 21, 2017 and the Federation Council of the Russian Federation approved the document on June 27”, the report informs.
This step is expected to "facilitate the increasing in the number of persons wishing to obtain the status of a special economic zone participant and to attract additional investments to the regional economy."
The Russian authorities also believe that this law will help to develop transport infrastructure, yachting tourism, sailing, passenger and freight traffic in Crimea.