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Law on the creation of an "offshore zone" in Primorsky Krai was adopted by the State Duma - EastRussia | Far East

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Law on the creation of an "offshore zone" in Primorsky Krai was adopted by the State Duma

The State Duma adopted in the third, final, reading a package of bills on the establishment of a special administrative district (CAP) in the Far East. The so-called offshore zone appears on the Russky Island.

In total, the deputies adopted seven different laws for the emergence of a special district. Its main participants will be companies with international status. When finalizing the documents for the second reading, the deputies specified that only foreign legal entities can register in offshore companies. Banks will not be able to become participants of the ATS. According to the press service of Minsk region, these restrictions are connected with fears that Russian companies from other regions will transfer business to special administrative regions.

The emergence of an offshore zone should be one of the measures to support Russian companies on the US sanctions list and to touch the metallurgical and energy sectors, as well as trade in defense industry products (for more details, see here).