Vladivostok to be Russia’s first ‘free port’

In a move to help boost its ailing economy in the far east of the country, Russia’s President Putin announced in his ‘state of the nation’ address that the Port of Vladivostok would be become a ‘free port’ by July 2015 – the first port in the country to be given that status.

Designed to boost trade and bolster the economy, which has suffered as a result of Western sanctions following the Ukraine crisis, the move would allow more relaxed customs regulations, the introduction of tax incentives for port operators, and a lower cost for ships using the port.

As the region is strategically placed with borders close to China and North Korea, the move will allow stronger ties to be developed with Asian nations, particularly China.