Russian Lawmakers to Discuss New Law on Arctic Investment Preferences

The Russian State Duma (lower house of parliament) could put a bill on new tax and administrative preferences for private investors in the Arctic on the agenda during its autumn session, Russia’s Deputy Minister for Development of the Far East and Arctic Alexander Krutikov told the Eastern Economic Forum in Vladivostok, according to Noyabrsk Inform.

“We expect a special meeting, which will outline a new model of preferences,” he said. “We shall be able to present the bill to the legislators so that the State Duma could discuss it during the autumn session.”

A system of preferences for new economic projects in the Arctic will attract to the region private investments and businesses and favor the organization of new jobs for the locals. The bill has passed federal authorities, with the exception for the Finance Ministry, Krutikov added.

“The only authority, with which we continue disputes, is the Finance Ministry; all the others have supported us,” he continued. “We have not excluded from the support system the oil and gas sector, as it is the main direction and will remain as such for coming years; of course, we shall stimulate the processing businesses and others. This will require significant [time].”

“The system of preferences will support the projects, which do not exist as yet, <…> those are projects in gas chemistry, those are new LNG projects, new oil and gas projects in Eastern Arctic, which today do not exist even in forecasts of oil and gas production,” the deputy minister said.