A system of preferences has been drafted for the Arctic region, and the President of the Russian Federation will be briefed on it within the next few weeks, said Russian Deputy Prime Minister and Presidential Plenipotentiary Envoy in Russia's Far East Yury Trutnev.

On Thursday, Trutnev chaired a meeting of the State Commission for Arctic Development, with the participants reviewing a draft geological prospecting program for the Russian Arctic and a draft plan for developing the Northern Sea Route's infrastructure.

"We are drafting a system of preferences, and this is almost ready. It will be reported to the President of the Russian Federation within the next few weeks, and specific decisions will be made," Trutnev said.

According to Trutnev, the document hinges on a system of preferences for the implementation of investment projects in Russia's Far East. This system is functioning effectively, he added.

"We tried to heed the relevant experience, while drafting the system of Arctic preferences, and we tried to create a more effective system of Arctic preferences than that in the Far East. The proposals have been drafted and coordinated by virtually everyone in the government, except the Finance Ministry," Trutnev added.