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Russia to allocate over $600 mln for Northern Sea Route development in three years

September 20/ 08:25

Moscow. Russia plans to allocate over 40.6 bln rubles ($607.8 mln) worth of federal budget funds for the development of the Northern Sea Route in the next three years, according to the explanatory note to the draft federal budget for 2019 and the planned period of 2020 and 2021.

"The Northern Sea Route area provides for budget allocations from the federal budget for the development of seaport infrastructure, as well as the construction of nuclear-powered icebreakers to boost the cargo flow via the Northern Sea Route, in the amount of 9.6 bln rubles ($143.7 mln) in 2019, 15.8 bln rubles ($236.5 mln) in 2020, and 15.27 bln rubles ($228.5 mln) in 2021," the document says.

The key area of the Northern Sea Route development is connected with the delivery of mineral resources and directly depends on the implementation of Russia’s investment projects on mineral resources production.

In 2017, the cargo flow via the Northern Sea Route stood at 10.7 mln tonnes. By 2020, the capacity of the Arctic Basin ports is expected to gain around 40 mln tonnes due to the projects that are already being implemented in the ports of Sabetta and Murmansk.

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