New tax and export benefits for projects of Russian shelf

Russian Prime Minister Vladimir Putin has reported on the scrapping of export fees for new projects on the Russian shelf, RIA Novosti reports.

Some of the most complicated projects of the Arctic for resource extraction will pay only 5% of product price. Beneficial conditions will stay for 15 years since extraction start.

This should allow $500 billion of direct investments to be invited and $300 billion into other spheres in 30 years, Putin said.

The prime minister expects large foreign corporations to be interested in developing Russian shelves.