Investment Portal of the Arctic Zone of the Russian Federation

Projects along the North Sea Route will bring in RUB 10 tn in additional tax revenue by 2035

According to Deputy Prime Minister Alexander Novak, the Arctic zone of the Russian Federation has enormous mineral reserves.

4 April 2023

Projects in the Arctic along the North Sea Route (NSR), including oil, gas, coal and ore extraction, will boost Russia's GDP by RUB 30 tn by 2035 and generate RUB 10 tn in additional tax revenues. This was reported by TASS, citing an article by Russian Deputy Prime Minister Alexander Novak for the Energy Policy magazine.

The Arctic zone of the Russian Federation has enormous mineral reserves, he said. For these natural resources to be fully exploited and exploited, a convenient, accessible and cost-effective transport corridor is essential.

The Russian Maritime Doctrine, adopted in July 2022, calls for the renewal of the icebreaking, rescue, environmental protection and auxiliary service fleets. One of the priorities in the development of maritime transport is to create conditions for the development of the North Sea Route as the country's national transport link. For the development of the North Sea Route, international use and the possibility of ensuring competitiveness in the world market will be taken into account.

The North Sea Route is the only waterway that connects all of Russia's subarctic and arctic regions. In addition, the NSR is currently the shortest and most promising route between Europe and Asia, Novak added. 


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