05:31 GMT +328 October 2016

    China to Invest $3 Billion in Crimea Port Project Reports

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    MOSCOW, May 29 (RIA Novosti) – Chinese investors have decided to resume talks on the construction of a deepwater Crimean port, that is worth $3 billion, Izvestia newspaper said Thursday citing Crimean First Deputy Prime Minister Rustam Temirgaliev.

    “We are planning to launch the project as soon as steps on introduction of the ruble and supplying the peninsula with public water are finalized,” the news outlet quotes Temirgaliev as saying.

    Russian and Chinese parties will meet to discuss the project in August, he said, adding that Chinese investments got back on the business agenda after recent visit of Russian President Vladimir Putin to China.

    The Crimean project was unveiled at the Chinese-Ukrainian summit in Beijing in December 2013. This concerns the construction of a deep-water port near Yevpatoria with the involvement of Chinese capital. China is ready to invest $10 billion in the construction of the port and its infrastructure. The first stage of the project is estimated at $3 billion. The project talks have been halted since start of the Ukrainian crisis.

    Crimea, which was previously an autonomous republic within Ukraine, refused to recognize the legitimacy of the new government in Kiev that came to power following the February overthrow of President Yanukovych. On March 16, citizens of the republic held a referendum which saw over 96 percent of voters in the region back the motion to secede from Ukraine and join Russia.

    Crimea and Sevastopol, which has a special status within the region, became subjects of the Russian Federation on March 21 after Russian President Vladimir Putin signed reunification documents into law.

    Crimea introduced a transition period until January 2016, during which both the Russian and Ukrainian currencies would remain in use on equal grounds.

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