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The federal law is designed to implement the provisions of the federal law ‘On Modifications to the Federal Law ‘On Special Economic Zones in the Russian Federation’’, that provides for the creation of special recreational economic zones – a new kind of special economic zone.

A separate federal law stipulates that the organizations that reside in the special recreational economic zones will benefit from a privileged tax regime. In addition to this, legislation on foreign investments, designed for other types of special economic zones, will also apply in these zones.