Photo: Shtrik Vadim/GeoPhoto.ru

USD 19 Billion to Be Invested into NSR

According to a statement made by Russian nuclear monopoly Rosatom this 9 February, about USD 19 billion will be allocated to fund projects implemented at the Northern Sea Route (NSR). At initial stages, their cost will be covered mostly by the Federal Government. The latter will invest some USD 3.5 until 2024, while about USD 1 billion will be provided by non-state investors. The corporate share will drastically increase in 2025-2030, with private companies being expected to invest about USD 11 billion, while the Government will disburse USD 3.5 billion. A total of USD 19,039 million will be spent to support the NSR development programs, Rosatom says.

The decision to increase funding is reportedly owing to the integration of several state programs and widening their scope. For instance, two projects, Development of the NSR and Northern Sea Route 2030 will be merged into a new federal program called All-Season NSR. The Government expects Rosatom to come up with a roadmap for the merger by 30 March 2022.

The mentioned funds will be used to attain a range of important goals. Among these are financing the launch of the NSR Integrated Digital Service Platform, construction of new telecom satellites, building the infrastructure for major development projects in the Russian Arctic, and establishing a shipping line on the NSR. Apart from this, additional investments will be made to fund the construction of new icebreakers (both nuclear and LNG-powered) and a fleet of rescue, cargo and survey vessels.

Arctic Today is a column by PORA CEO Alexander Stotskiy analyzing major international, national and regional events and trends in the Arctic.

Alexander Stotskiy

14 February 2022

Arctic Today

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