The Russian government has submitted a draft law on creating incentives for the development of the Arctic shelf.

“The Arctic shelf has also received new incentives. A 15-year preferential tax plan has been established for shelf development. Last year, we spoke about the need to boost shelf research, encourage competition and expand access to it for private investors. Last week, the bill was submitted to the government without any conceptual disagreements. All leading agencies support it,” said First Deputy Minister for the Development of the Russian Far East and Arctic Alexander Krutikov at the plenary session of the 10th international forum Arctic: Today and the Future.

He added that about 50 project residents will appear in the Arctic area before the end of the year.

“Thirty-three projects with investment of 178 billion rubles have already received resident status in the Arctic zone, and by the end of the year, there will be at least 50 residents,” Krutikov said.

He noted that the ministry would continue to develop the economic regime created in the Arctic and to improve it based on business needs.

“We will also prepare two plans: subsidizing part of the coupon yield on bonds that will be issued by the residents for the implementation of projects to upgrade green technology, as well as subsidizing leasing for the purchase of specialized Arctic equipment,” Krutikov said.