Russian Federation Council Approves an Array of Laws on the Preference System in the Arctic
On Wednesday, 8 July, the senators reviewed and approved an array of federal laws on government support for entrepreneurship in the Arctic zone of Russia.8 July 2020
The day before, the array was approved by the State Duma. Next, the array of federal laws will be handed over to the President of the Russian Federation. The documents will become effective 45 days after signing by the Head of State and official publication.
'The Arctic is a strategic region. This area has global significance for our country, ensuring its security. We must work faster to develop the Arctic zone of Russia. No economic problems should stop this process. A new model for the development of the Arctic should start working', said Yury Trutnev, Deputy Prime Minister and Envoy of the President of the Russian Federation in the Far East, who heads the State Commission for Arctic Development.
The laws provide that the entire Russian Arctic becomes a special economic zone with a wide range of tax benefits and non-tax preferences for businesses. Their main goal is to nurture startups and boost high-value job creation for Russian citizens in the Arctic.