The Arctic zone of the Russian Federation, where about 2.2 million people live (1.5% of the country's population and 40% of the population of the entire Arctic), according to Rosstat, generates about 11% - 12% of Russia's GDP and provides over 20% of all-Russian exports.
"As of the end of 2023, there were more than 700 oil and gas fields, deposits of non-ferrous and precious metals, including more than 350 gold deposits in the Arctic territories," said Maxim Maksimov, Associate professor of the Department of Innovation and Industrial Policy Management at Plekhanov Russian University of Economics.
As of today, 83% of combustible natural gas and 17% of oil in Russia are produced in the Arctic zone. At the same time, by 2035, the share of Arctic oil production may amount to 25% of the total oil production in the country, and the share of Russian gas, based on forecasts, will grow to 92% of total production, rbc.ru notes.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
