Russian President Vladimir Putin has announced a $2 billion initiative to develop yachting tourism and ease entry procedures in Crimea, with a goal of bringing back yachts that left the Black Sea resort destination during Russia’s annexation of the region.
According to multiple news sources, the plan includes building as many as 15 new marinas by the year 2020.
Currently, yachting business is down by more than 60 percent in the region, according to one official’s account. Many of the yachts that used to base in Crimea reportedly have moved to ports in Ukraine, Turkey and Greece.
Crimea and the Black Sea are accessible to yachts by way of straits from...