Ukraine President Declares Serpent Island Independent Economic Area-Paper

The decree also stipulates upgrading local infrastructure and economic investments, as well as exploitation of the resources on the continental platform.

In November last year, Yushchenko visited the Serpent Island, which is a subject of an ongoing Romania-initiated protracted litigation before the International Court of Justice.

Romanian President Traian Bescu must “visit at once this island and find out for himself about the development plans in the region,” Yushchenko said at the time.

Romania and Ukraine both dispute the Serpent Island, which is located in the Black Sea. On 16 September 2004, the Romanian side brought a case against Ukraine to the International Court of Justice in a dispute concerning the maritime boundary between the two States in the Black Sea.