President of Russia Vladimir Putin signed a law to create a Priority Development Territory in the Magadan Region. The full text of this act is published on the official legislation website.

Previously, Russian laws did not allow the creation of priority development territories in regions that already had special economic zones (SEZ), as was the case with the Magadan Region, where a SEZ was established in 1999. Furthermore, a SEZ could not be included in a priority development territory. The new legislation removes these constraints, establishing unique conditions for economic development in the region.

According to Governor of the Magadan Region Sergei Nosov, the new law opens up new opportunities for the region.

“Businesses will be entitled to use preferential procedures of a special economic zone and a priority development territory. This is a major leap forward for Kolyma, with new investments, jobs, and infrastructure development,” the governor wrote in his Telegram channel.

The law comes into force on September 1, 2025.