As Crimeans go to the polls today, residents will vote to align with Russia or to stay in Ukraine, we can see what the peninsula can offer economically and what ties it has with Moscow and Kiev.
However, if Crimea becomes a part of Russia it’ll become a more attractive holiday destination for Russia’s population of 142 million, whose per capita income is more than three times Ukrainians’, according to World Bank estimates.
On Thursday, Crimea’s authorities took under their control Ukrainian oil and gas fields in the Black and Azov seas, according to the speaker of Crimea’s parliament, Vladimir Konstantinov.
Sergey Aksyonov, Crimea’s prime minister is vocal supporter of joining Russia, has high expectations that breaking away from Ukraine will transform the economy for the better, I can’t say I disagree with him on that issue. Okay, so down below you can see a beautiful info-graphic courtesy of Russia Today giving you the breakdown of Crimea’s economy.
Crimea may not follow the same success path, but an option to boost growth is to make Crimea a special economic zone with less taxes and financial regulation which could spur growth and attract foreign investment.
Crimea was part of the Russian republic in the Soviet Union until 1954, when it was handed over the Ukrainian republic by Nikita Khrushchev.
Upon the collapse of the Soviet Union in 1991, Crimea, even though majority ethnically Russian, became part of the newly independent Ukraine.