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Russia Cuts Arctic Project Funding

 

Photo: Anton Chablin

Funding for the Development of International Economic Cooperation in the Arctic Zone federal project is being cut by almost 98 percent, the Ministry for the Development of the Russian Far East and Arctic announced.

In 2024, only 50 million rubles (about $502 thousand) will be allocated for the project, while in 2023, the Ministry allocated almost 2 billion rubles (about $20 million) for the project. The project aimed to make Russia's Arctic regions more recognisable around the world.

According to the Ministry's representatives, this is a natural result of Russia's decreasing activity in the Arctic Council.

The Ministry intends to use savings to develop infrastructure in the Arctic region, modernize the transport network and support small and medium-sized businesses.

Source: The Arctic Century

 
03.10.2023