The Government Approves the Rules of Subsidising the Companies that Want to Create or Rebuild an Infrastructure in the Arctic
Companies that operate in the Arctic Zone will have some of their infrastructural construction and repair costs compensated22 December 2020
The corresponding decree was signed by Mikhail Mishustin, Chairman of the Government of Russia. The document with the rules of subsidising is available on the Russian Government's website.
Legal entities may be entitled to federal subsidies for covering the costs of creating or renovating infrastructural elements, as well as plugging into the power and gas grids as part of working on investment projects in the Arctic Zone of the Russian Federation.
In order to receive government support, these projects must go through a special vetting process. According to the official rules of subsidising, the company becomes ineligible if it is undergoing a liquidation or bankruptcy process or if it has overdue debts to the federal budget.
‘Subsidies are provided both for facilities that are still under construction and for completed facilities, and will be based on an agreement between the company and the Ministry for the Development of the Far East. The investment project must have a value of at least 300 million roubles to receive compensation. The targeted funding for this initiative will reach 13 billion roubles by 2023,ʼ says the Government's website.