Russian President Vladimir Putin has signed a law on the development of a free economic zone in Crimea and the city of Sevastopol. The law was published on Russia's state legal information website Sunday.
The law regulates the details of taxation, state control, entry procedure and functioning of the free economic zone regime in the region. The regime is established for 25 years with the prospect of being extended.
The Russian Duma has passed a series of bills aimed at improving Crimea's investment climate, and making it a more attractive place for tourists, including foreign tourists.
Large investors will be able to use additional tax incentives as well as the free customs zone regime, namely duty-free import of goods and equipment necessary for an investor's activity.
Investors will also receive the right to deliver their goods to the Russian markets and export them abroad, including the countries of the Customs Union, comprising Belarus, Kazakhstan and Russia.
Crimea secede from Ukraine and was annexed by Russia in March. Crimea and Sevastopol, which has a special status within the region, became subjects of the Russian Federation after the Russian president had signed reunification documents into law March 21.
Kyiv and the western powers have refused to recognize the annexation.