Russia To Fund Arctic Oil, Economy Development With $2.75B

Russia will be financing the development of the Artic continental shelf and the economy of the local areas with more than US$2.75 billion (160 billion rubles) by 2025, Russia’s Prime Minister Dmitry Medvedev said at a cabinet meeting on Thursday.   Russia’s program for Arctic development rests on three pillars—boosting economic growth, developing sea infrastructure, and developing the continental shelf with modern technology and equipment, Medvedev said. Neither sanctions nor low oil prices are deterring Russia’s ambitions…

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