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Vladimir Putin signed Federal Law On Development of the Crimean Federal District and the Free Economic Zone on the Territory of the Republic of Crimea and the City of Federal Importance Sevastopol.
The Federal Law seeks to ensure the sustainable socioeconomic development of the Crimean Federal District by attracting investment to develop existing production facilities and build new ones, develop transport and other infrastructure, tourism, agriculture, the health and holiday resort sector, and raise people’s standards and quality of life.
The Federal Law’s provisions set a special legal regime in Crimea and Sevastopol and regulate relations created in the context of the establishment of a free economic zone on these territories.
The special legal regime concerns legal regulation of relations concerning employment of foreign citizens, regulation of foreign citizens’ entry into Crimea and Sevastopol and travel beyond their limits, and specific provisions concerning activity in the sea transport sector.
The free economic zone covers the territory of Crimea and Sevastopol and is governed by particular conditions for business and other activity and operates as a free customs zone. The free economic zone is being established for a period of 25 years.
December 1, 2014