Crimea may become special economic zone

The Russian Ministry for Economy sent a proposal to executive structures and government on April 9 asking them to consider the formation of a special economic zone in Crimea and Sevastopol for 49 years. The government will discuss the initiative on April 15, Kommersant reports.The ministry proposed the formation of a free customs zone to ship products after processing from the peninsula without having to pay custom fees. Another idea is to simplify the visa and migration regime and allow EU-standard documents to be in force in the region.Residents of the free economic zone would get tax benefits.The idea to form a free economic zone in Crimea was first announced in March.

The Russian Ministry for Economy sent a proposal to executive structures and government on April 9 asking them to consider the formation of a special economic zone in Crimea and Sevastopol for 49 years. The government will discuss the initiative on April 15, Kommersant reports.

The ministry proposed the formation of a free customs zone to ship products after processing from the peninsula without having to pay custom fees. Another idea is to simplify the visa and migration regime and allow EU-standard documents to be in force in the region.

Residents of the free economic zone would get tax benefits.

The idea to form a free economic zone in Crimea was first announced in March.