Third "offshore" in Russia may be created in Bashkiria

In Bashkiria, a special administrative region can be created - an analog of Russky Island in Primorye or Oktyabrsky Island in the Kaliningrad Region. In such zones, flexible legal conditions apply to resident companies. The Bashkir Parliament – Kurultay sent the relevant bill for consideration to the State Duma.

According to the chairman of the State Assembly of Bashkiria, Konstantin Tolkachev, the SAR regime is optimal for the implementation of the Islamic finance model.

“The conditions of the special administrative region are the most suitable for testing Sharia standards in the Russian legal field. They imply an increased standard of information disclosure and make it possible to comply with the norms necessary for making transactions under Islamic law,” the Speaker of the Bashkir parliament commented. In other words, the presence of such a zone would make possible financial transactions with the countries of the Islamic world.