"The new law was posted on the official portal of legal information on Saturday," TSN reported, referring to Russian media outlets.

"In October 2016, the Russian government approved draft amendments to the law that extends the Crimean free economic zone. The State Duma passed the [amended] law on June 21, 2017, the Federation Council of the Russian Federation approved the document on June 27," it said.

Read alsoEU prolongs economic sanctions against Russia by six monthsThus, the government of the Russian Federation expected that the inclusion of the waters near the occupied Crimea in the "free economic zone" "will attract more entities seeking status of a participant in the free economic zone and will raise additional investment in the region's economy."

As UNIAN reported, Russia on June 30, 2017, extended until December 31, 2018, economic sanctions against the European Union, which are also applicable to Ukraine through the EU free trade area provisions.

A year ago, on June 29, 2016, Putin signed a decree to introduce a food embargo until December 31, 2017, in response to Western sanctions.

On June 28, 2017, the EU formally extended its economic sanctions on Russia, imposed in July 2014 in response to Moscow's annexation of Ukraine's Crimea and Moscow's engagement in the Donbas war in eastern Ukraine.