Russian Government to Support Arctic Zone Businesses

Тhe Russian government has prepared a bill to provide state support for businesses working in the Russian Arctic zone, Severpost reported.

“The status of the Arctic zone’s resident will be granted in compliance with the criteria listed in the bill,” a document, describing the bill reads. “One of the criteria is the minimum investments within a certain period of time (at least 500,000 rubles ($7,700) within first three years).”

The document regulates aspects of construction in the Arctic zone, entrance, exit and residence of foreign citizens in the Arctic. Besides, the bill contains general conditions for the residents’ work and regulates due inspections.

According to the government’s legislative initiative, if the bill comes into force, it will “favor implementation of Russia’s State Program on the Arctic zone’s social and economic development.”

According to TASS, the government said that the bill’s public discussion will continue for 20 business days – untul June 3.