Investment Portal of the Arctic Zone of the Russian Federation

Ministry for the Development of the Russian Far East Explained the Need for Arctic Zone Expansion

Volkov highlighted that many regions are eager to join the Arctic zone to benefit from substantial state preferences.

20 February 2024

Incorporating new territories will attract more people to the North, facilitate million-dollar projects, and improve the quality of life. Pavel Volkov, State Secretary and Deputy Minister for the Development of the Far East and the Arctic, shared this information with the Parlamentskaya Gazeta.

Berezovsky and Beloyarsky municipal districts of Khanty-Mansiysk Autonomous Area — Yugra are planned to be included in the Arctic zone. The State Duma is currently considering this bill.

The deputy minister stated that including new Khanty-Mansiysk Autonomous Area municipalities in the Arctic zone is primarily beneficial for these territories, as they will immediately be eligible for a range of preferential regimes.

Pavel Volkov expressed hope that this will attract new investors who will establish modern enterprises, provide interesting jobs, and increase salaries.

Numerous mining-related projects are currently implemented in the Khanty-Mansiysk Okrug. The official explained that there is a pressing need for oil service and oil production companies, which are the main beneficiaries of preferential regimes.

There are specific criteria that regions must meet to be included in the Arctic zone. They are outlined in the Arctic Development Strategy. All applications are thoroughly reviewed. The deputy minister clarified that the final decision is made by the president.


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