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Northern Sea Route projects to bring $126 bln worth of additional tax revenues by 2035

The Northern Sea Route is the only waterway connecting all Russian subarctic and arctic regions

MOSCOW, April 4. /TASS/. Projects along the Northern Sea Route (NSR) in the Arctic, including on production of oil, gas, coal and ore, will ensure Russia’s GDP growth by 30 trillion rubles ($379 bln) by 2035 and bring 10 trillion rubles ($126 bln) worth of additional tax revenues, Deputy Prime Minister Alexander Novak wrote in an article for the Energy Policy magazine.

"If implemented, the announced investment projects in the Arctic zone of the Russian Federation will ensure GDP growth by more than 30 trillion rubles and bring over 10 trillion rubles worth of additional tax revenues by 2035," he said.

The Northern Sea Route is the only waterway connecting all Russian subarctic and arctic regions. Moreover, the NSR is currently the shortest and a promising route between Europe and Asia, which serves as another incentive for the development of key sectors of the Russian North’s industry and makes the transport corridor increasingly attractive both for investors and for shippers, Novak added.