Prospects for the Development of Major Investment Projects in the Russian Arctic under Sanctions

Abstract

The Russian federal policy in the Arctic has stimulated a significant intensification of economic activity over a vast territory. We identified the system of Arctic investment projects: projects on the Arctic land and on the continental shelf, infrastructure initiatives. This problem is particularly relevant because it relied on borrowing foreign production potential before the start of the economic confrontation with the West. Simultaneously little attention was paid to the development of their own technological solutions. It is determined that in the current conditions for the Russian economy, the issue of maintaining the realistic plans for the development of the Arctic without foreign partners is extremely important. The paper examines the support for designated projects (mining, offshore, oil and gas), public-private partnerships in the implementation of Arctic infrastructure initiatives (the Northern Latitudinal Railway, the Northern Sea Route). It is emphasized that despite all the economic difficulties in 2022, the implementation of the largest Arctic investment projects continues as planned. The author concludes that the pace of their implementation may be lower than previously planned. The research results have show that special attention to the development of own production capacities is needed, the creation of an «Arctic section» in the Plan of Priority Actions to ensure the development of the Russian economy in the face of external sanctions pressure, and to combine the efforts of the state and business.

Keywords

• russia
• arctic
• arctic investment project
• sanctions
• shelf
• infrastructure development
• development
• import substitution
• technological potential