Russia creates an offshore zone on an island that does not exist

One of the two newly created Russian offshore companies on Oktyabrsky Island, cannot be realized, since the island does not exist as a geographical entity, writes the newspaper Vedomosti.

The publication refers to the words of Deputy Finance Minister Ilya Trunin, who complained that his “Kaliningrad colleagues have a basic problem".

”As it turns out, there is no Oktyabrsky Island in the Kaliningrad region. This geographical entity does not exist,” the official noted.

According to the former vice-premier of the Kaliningrad region Alexander Shenderuk-Zhidkov, Oktyabrsky Island is a historical district in the center of the city. One feature of the island is the Kaliningrad stadium, which hosted four matches during the FIFA World Cup. Officially, this region is labeled as the Moscovsky district of Kaliningrad.

The issue of the official naming of the area as “Oktyabrsky Island” will be considered at the Kaliningrad city council meeting on September 12th.

It was reported that Russian President Vladimir Putin signed a package of decrees that regulates the formation of tx-free zones for foreign companies. Offshore companies were to be created on the islands of Russky (Primorsky Krai) and Oktyabrsky (Kaliningrad region). Documents concerning their creation are published in the official portal of legal information of the Russian government.

  Russia, Kaliningrad, Putin