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Overwhelming majority of companies redomiciles from Cyprus — First Deputy Minister

The threat of blockade from certain European countries for the Kaliningrad Region, where one of such regions is located, has not affected the redomiciliation

VLADIVOSTOK, September 8. /TASS/. The overwhelming majority of companies that took the advantage of simplified registration in Russia special administrative regions (SAR) has redomiciled from Cyprus, First Deputy Minister of Economic Development Ilya Torosov told TASS in an interview at the Eastern Economic Forum (EEF).

"The overwhelming majority is from Cyprus. This is because the Netherlands does not let [them] go to Russia. That is why we also have the so-called ‘transit redomiciliation’ appeared. That is, they initially move to Cyprus and then to US. This is because they cannot prohibit redomiciliation of companies inside the EU," Torosov said.

The threat of blockade from certain European countries for the Kaliningrad Region, where one of such regions is located, has not affected the redomiciliation, the official said. 101 companies and one international fund moved to SAR so far, including 92 redomiciled to the Kaliningrad Region, he added.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum is running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency.

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