ST. PETERSBURG, June 23. /TASS/. The financial payment model for icebreaker services along the Northern Sea Route will distribute the cost among all participants interested in development of the icebreaking fleet and in the route's long-term development, Minister for Development of the Far East and Arctic Alexey Chekunkov said in an interview with TASS at the St. Petersburg International Economic Forum (SPIEF).

"The financial model should distribute [the icebreaker escort cost] among the shipper, the federal budget, Rosatom and the structure interested in development of the icebreaking fleet and in the long-term development of the Northern Sea Route. For having this financial model work, we have set up a project office on the basis of the VEB.RF state development corporation," the official said.

The minister explained that over 10 years the icebreaker escort cost had grown fourfold. "We are talking about developing a payment model for icebreaking services. Today's shippers make business plans on a financial model, where the escort cost was, say, 10 years ago, at 16 million ($204,000). The current bank interest rate on loans is 26-27% per annum. Thus, the escort will cost 60 million rubles ($764,000). The difference is four times," he explained.

Earlier, Russian Deputy Prime Minister Yury Trutnev said Russia needed a new financial mechanism to cut the cost of building icebreakers.

About the forum

The St. Petersburg International Economic Forum (SPIEF) ran on June 18-21. This year, the event's theme was "Shared Values: The Foundation of Growth in a Multipolar World."

The program featured the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform, as well as the Petersburg Seasons festival and the SPIEF Sports Games.

The Roscongress Foundation was the event's organizer. TASS was the forum's information partner.