Companies in the Arctic to receive RUB 980 million for insurance premium reimbursement in 2022–2024
There are incentives for four types of business in the Arctic: offshore oil extraction, onshore oil extraction, solid minerals extraction and other investment projects24 September 2021
In the three-year period from 2022 to 2024, over RUB 980 million will be allocated from the federal budget for subsidies to reimburse companies and individual entrepreneurs who are residents of the Arctic Zone of the Russian Federation (AZRF) for the payment of insurance premiums. This is stated in the explanatory note appended to the draft federal budget of the Russian Federation for 2022–2024, the text of which is available at TASS.
‘Along with the general approaches to the formation of the bill, the change in expenditures under the National Economy section was affected by an increase in budget allocations [...] for subsidies to reimburse the costs of insurance premiums incurred by legal entities and individual entrepreneurs who are residents of the Arctic Zone of the Russian Federation by RUB 184.1 million in 2022, by RUB 323.5 million in 2023 and by RUB 475.8 million in 2024,’ the text of the document says.
There are incentives for four types of business in the Arctic: offshore oil extraction, onshore oil extraction, solid minerals extraction and other investment projects. The status of an AZRF resident comes with a number of incentives, including tax preferences. Currently, any entrepreneur registered in the Arctic and willing to implement a new investment project worth at least RUB 1 million can become a resident.