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Law on preferential regime in Kuril Islands to be approved in early 2022 — Deputy PM

A unique preferential regime will be established in the Kuril Islands and any investor will automatically become the resident

Russian Deputy Prime Minister Yuri Trutnev Russian Federation Council/TASS

Russian Deputy Prime Minister Yuri Trutnev

© Russian Federation Council/TASS

MOSCOW, December 29. /TASS/. The law on the special preferential regime for the business in the Kuril Islands was sent to the State Duma, the lower house of the Russian parliament, and can be approved in early 2022, Deputy Prime Minister Yuri Trutnev said on Wednesday in an interview with the Rossiya-24 TV Channel.

"The law was forwarded to the State Duma. Its preparation is currently underway there. I am confident we will approve it early next year and will then endeavor to launch investment attraction efforts and work with potential investors," the official said.

A unique preferential regime will be established in the Kuril Islands and any investor will automatically become the resident, the Deputy Prime Minister noted. "We need to create the energy sector in the Kuril Islands, and certainly we would like to create the ‘pure’ energy sector," Trutnev added.

The Russian government has earlier approved the bill regulating operations of residents registered in the Kuril Islands. The free customs territory regime will be introduced there and no VAT will be charged on goods imported from third countries.

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