Russia’s Economic Development Ministry expects aluminum producer UC RUSAL to finish registration in a special administrative region in October, Minister Maxim Oreshkin declared on the sidelines of the Eastern Economic Forum on September 11.
“The law will come into force soon, now all bylaws are being prepared, there will be some adjustments including legislative adjustments. That is why as we speak about the timeline of the re-registration, it is the beginning of October,” he said.
The special administrative regions will gain popularity with companies after first residents register there, Oreshkin also said.
In July the Federation Council, the parliament’s upper house, approved a package of seven laws allowing Russians to re-register offshore companies, which they controlled, in special administrative regions of Russia to minimize possible repercussions from sanctions of foreign states.
The laws determine aspects of functioning of the special administrative regions in the Russky Island near Vladivostok and in the Oktyabrsky Island near Kaliningrad, allowing for re-domiciliation of foreign companies to the Russian jurisdiction, and allow the companies to acquire a status of an international company. (Prime/Ukrainian metal)
