Russia plans to set up legal entity to circumvent sanctions against Crimea

The Russian Federation plans to set up a legal entity to work with foreign companies in the Crimea. This will allow companies to do business in Crimea without fear of violating economic sanctions, as stated by the Russian-controlled head of the Crimea, Sergey Aksyonov, Krym.Realii reported.

"The technicality of the arrangement provides for the creation of a legal entity within Russia that will work with foreign companies who wish to do business in Crimea,” said Aksyonov. He did not disclose any details as to not "harm the business."

Aksyonov says that foreigners are already working with Crimea. "In fact, foreign money is present in the Crimean Republic today," said the Russian Prime Minister of Crimea.

The Minister of Economy of the Russian-controlled government of Crimea, Valentin Demidov, stated that investors could obtain property and land on lease without bargaining.

The internationally recognized Ukrainian territory of Crimea was annexed by the Russian Federation in March of 2014 in the wake of the Ukrainian revolution. The Kremlin has faced international condemnation for its annexation of the Peninsula, leading many western countries to impose economic sanctions against Russia. In the United Nations, only Afghanistan, North Korea, Cuba, Nicaragua, Venezuela, and Syria recognize Crimea as a legitimate federal subject of Russia.

  Ukraine, Russia, Crimea, Sanctions