Russia designates isles claimed by Japan as special economic zone

Russian Prime Minister Dmitry Medvedev on Wednesday signed a document designating disputed islands controlled by Moscow but claimed by Japan as a special economic zone, Interfax news agency reported.With the designation, companies operating on the islets off Japan's northernmost main island of Hokkaido would receive tax breaks which could prompt foreign firms to locate operations there possibly affecting potential joint economic activities between Japan and Russia.The isles of Etorofu, Kunashiri, Shikotan and the Habomai islet group -- called the Southern Kurils in Russia and the Northern T…READ FULL ARTICLE