Russia Aims to Spend $2.7 Billion on Arctic Development Before 2025

Russia is preparing to allocate over 160 billion rubles ($2.7 billion) on the development of the Arctic by 2025, focusing on the projects that include the establishment of economic growth areas in the region, the development of the Northern Sea Route and the oil and gas industry in the region.

MOSCOW (Sputnik) – Some 160 billion rubles will be allocated for the second and the third stages of the Arctic development progra from the Russian budget in 2021-2025, Prime Minister Dmitry Medvedev said Thursday.

The prime minister specified that the second stage stipulates allocation of some 12 billion rubles from the federal budget. The third stage, namely, the period from 2021 to 2025, willl require spending at the level of almost 150 billion rubles, the prime minister added.

Medvedev explained that three key areas of development will be focused on during this period. They include the establishment of economic growth areas, the so-called supporting zones, in the Arctic regions, the development of the Northern Sea Route, infrastructure which would ensure navigation in the waters and the continental shelf development with the use of modern equipment and technologies.

Base of the Russian Defense Ministry in Arctic

© Photo : Vadim Savitsky/Russian Defense Ministry

In late July, Medvedev said the shortage of resources for Arctic development makes it necessary to determine priority areas.

The Arctic has been in focus in recent years amid the deterioration of relations between Russia and the Western powers amid the Ukrainian crisis. Moscow has turned to the active development of its portion of the Arctic that has been largely neglected since the collapse of the USSR.