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The European Bank for Reconstruction and Development is considering creating the first Russian "offshore" financial zone in Kaliningrad, the Russian enclave on the Baltic coast, Interfax reported.
The European Union has already allocated $2.5 million for a study, and an EBRD mission will visit Kaliningrad beginning Aug. 1, the agency said.
The zone would confer special privileges for Russian businesses, many of which now register in foreign locales to take advantage of tax-free regimes, according to Interfax.
If approved, the project will cost several hundred million dollars, the agency said. The funds will be invested into the development of telecommunication networks and the creation of a modern banking and commercial infrastructure.
Interfax quoted the EBRD as judging that the prospects for establishing the offshore zone in Kaliningrad are "very good."
Offshore Zone in Kaliningrad Weighed
25 July 1995
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