Azov-City taken off the list in favour of Sochi.
According to the Russian media agency TASS, businesses in Azov-City, one of the demarcated Russian gambling zones, have received a letter from Alexey Sheyan, Krasnodar Krai Minister of Strategic Development, informing them that the zone has to be "liquidated" by April 1, 2015.
The Ministry confirmed the report, advising that Russian president Vladimir Putin has already signed legalization switching the gambling zone to Sochi in the Crimea, and authorising the abrogation of the investors’ licenses for gambling activities in Azov-City.
The Ministry of Finance has also confirmed that it is preparing the necessary documents for the Azov-City liquidation.
Azov-City is the first functioning gambling zone built in Russia, with the second one in Russian Altai region and a number of others to be set up soon.
The Russian federal budget will compensate the Krasnodar region for the gambling zone expenses totaling at least 10 billion rubles ($145 million), according to the Russian Ministry of Finance.