The expenditures will total 48.6 billion rubles ($740 million), with 243,000 rubles (3,700 dollars) per 1 m3 of radioactive waste.
"The calculations have shown that the radioactive waste storage will have no impact on humans and the environment if it is used in a proper manner," the project developers said in an explanatory note.
According to experts, about 50 tons of radioactive wastes of these types have been accumulated in the Arkhangelsk Region.
Until 1992, the sea area near the Novaya Zemlya archipelago was the main zone for storing solid radioactive waste produced by Soviet military and civil nuclear-powered vessels based in the north.