Formation of the Arctic Development Fund to Begin in 2021
Formation of the Development Fund for the Arctic Zone of the Russian Federation is to commence in January 2021, according to the recently enacted National Economic Recovery Plan for the Russian Federation, TASS reports.6 October 2020
'Formation of the Development Fund for the Arctic Zone of the Russian Federation. Begins in January 2021', the document states.
According to Yuri Trutnev, Vice Premier and Envoy Plenipotentiary of the President of the Russian Federation in the Far Eastern Federal District, 50% of all tax revenues collected from new government-sponsored projects in the Arctic Region will be contributed to the new fund.