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Reunification involves settlement of major economic tasks, ministers say

March 18, 2014, 18:50 UTC+3 MOSCOW
The settlement of transport problems of the peninsula may cost “up to 100 billion roubles”, Russia's Minister for Economic Development says
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A woman in Crimea turns on a television set to watch Russian President Vladimir Putin addressing the Russian Federal Assembly

A woman in Crimea turns on a television set to watch Russian President Vladimir Putin addressing the Russian Federal Assembly

© EPA/YURI KOCHETKOV

MOSCOW, March 18. /ITAR-TASS/. Reunification of Crimea and the Russian Federation envisages the settlement of a number of major economic tasks.

Deputy Prime Minister Olga Golodets, in particular, said on Tuesday that the integration of a new entity into the pension system of Russia would necessitate Pension Fund reserves. “Any transition demands time, adjustment, but we don’t think it will take long,” she said. “The system of taxation in Crimea envisages bigger than in Russia deductions to the Pension Fund: in Crimea the level of taxation for pension aims is 36% for employers, while in Russia it is 22%,” Golodets continued.

Another issue is the setting up of a safe telecommunications system in Crimea, to which Communications Minister Nikolai Nikiforov draws attention, suggesting to wait till all legal procedures of the transition period are completed.

Another problem is Crimea’s adoption of the rouble, which may take two to three months, Minister for Economic Development Alexei Ulyukayev said.

“This is a difficult technical task, as it necessitates the management of payments and settlements, the opening of correspondent accounts, licensing and the adjustment of the banking system,” the minister said, adding, however, that “the scheme of actions is clear”.

As for long-term tasks, Ulyukayev believes the settlement of transport problems of the peninsula may cost “up to 100 billion roubles, communications infrastructure may necessitate dozens of billions of roubles”.

On the whole, he assessed Crimea’s budget deficit at 80-90 million dollars a month.

He also said that the settlement of the issue of special taxation schemes in Crimea would take several months. “Major job is underway, now our colleagues are working in Simferopol, and across Crimea on the whole”.

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