Shortlisting of Arctic projects—candidates for an infrastructure subsidy begins
An investor can apply for a non-repayable subsidy of up to 20% of the total investment in the project if the latter is no less than RUB 300 million10 2020
On 15 April, the Ministry for Development of the Russian Far East started the shortlisting process for Arctic projects that may be granted an infrastructure subsidy.
Investments of at least RUB 300 million into Arctic projects will be eligible for a non-repayable subsidy of up to 20% of the investment amount.
The shortlisting principles were approved by the Russian Government in March.
In order to qualify for a subsidy, projects must be contributing to social and economic development and create job opportunities. Mandatory requirements for the investor include having experience in implementing investment projects, company registration in the Russian Arctic zone, no debts, bankruptcy or ongoing reorganisation.
A set of support measures for investors in the Arctic is currently under development. This includes tax incentives and a range of preferences for mining companies.