The Free Economic Zone of the Republic of Crimea and the Federal City of Sevastopol

Abstract

Free economic zones have become an essential part of the world economy in recent history. The voluntary entry of the Peninsula of Crimea into the Russian Federation as one of its constituent regions, lead to the adoption of the social and economic development commitments of this region by our state. For this reason, one of the most important goals for authorities of the Russian Federation is to develop the social, economic, and other spheres of the society. The establishment of the free economic zone in the Republic of Crimea and the Federal City of Sevastopol became one of solutions to this problem. This article analyzes the issues of legislation on the free economic zone in the territories of the Republic of Crimea and the Federal City of Sevastopol and aims to find solutions of these issues. This research is based on the application of comparative, retrospective and formal juridical analysis of the legislation and research papers dedicated to questions of the free economic zones and other territories with a special legal regime for conducting entrepreneurial activity (territories of advanced social and economic development, the Free Port of Vladivostok, special economic zones in the Russian Federation). In particular, the norms of current legislation on goals and terms of creation of the free economic zone in the territories of the Republic of Crimea and the Federal City of Sevastopol, the management of the free economic zone and the implementation of entrepreneurial activities within its borders were analyzed. We conclude that it is necessary to improve the current legislation on the free economic zone in the territory of the Republic of Crimea and makes several suggestions for optimization its provisions. The results achieved can be used both in the lawmaking process and as a foundation for further researches.