Finland urges US-Russia reconciliation for Arctic exploration

Finland has urged reconciliation between the US and Russia to continue the development of mineral resources on the Arctic shelf, RISS expert Andrey TODOROV said.

“Finland has started its term as the chair of the Arctic Council. They are planning to arrange a meeting between the Russian and American presidents on the sidelines of the Council and pose the question of the gradual lifting of Western sanctions against Russia, at least in the Arctic”, the expert explained.

Cooperation with foreign investors for Arctic development is necessary to our country because of a certain lack of mining technology. “This applies mainly to offshore projects,” the researcher said.

The development process of Arctic transport projects in this region goes far more smoothly. There are great challenges for infrastructure development of the Northern Sea Route, as well as transport, logistics, and port infrastructure. “Russia possesses the world's only nuclear icebreaker fleet”, A.Todorov noted. According to him, we are talking about the integration of the Northern Sea Route (NSR) project in the Chinese Maritime Belt (part of the global China’s project “One belt, one road”). “NSR has significant potential for integration into the Chinese project. China is now investing heavily in Arctic projects of Russia, in particular, Yamal LNG”, he added.

But even now, when the Arctic region is still not fully developed, it “brings in about 20% of export revenues (mainly oil and gas) and about 10% of revenues in the national budget,” the analyst concluded.