The SEZ will operate until 31 December 2046
Vladimir Putin has signed a law on creation of a special economic zone (SEZ) on the Kuril islands. The document has been published on the official portal of legal information.
According to the document, a special economic zone is to cover the territory of Magadan within its administrative borders, the South-Kuril, Kuril and North-Kuril municipalities of the Sakhalin Region as well as the adjacent internal marine waters and the territorial sea of the Russian Federation. The SEZ will operate until 31 December 2046.
“A special legal regime of economic activities is being established and the customs procedure of a free customs zone is being applied”, reads the document.
The law enters into force in 30 days after its official publication.