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RUSSIA: Major Russian bank to allocate 1 trillion rubles to arctic exploration efforts

  • Date: 22-11-19
  • Category: RUSSIA
  • Source: Meduza

The Russian bank VTB has announced plans to allocate 1 trillion rubles ($15.7 billion) to development efforts in the Arctic over the course of the next two years, RBC reported.

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RUSSIA: Russia’s Thawing Permafrost May Cost Economy $2.3 Billion a Year

  • Date: 18-10-19
  • Category: RUSSIA
  • Source: Yahoo

Thawing of once permanently frozen ground covering more than half of Russia is putting buildings, pipelines and other infrastructure at risk of damage. With the Arctic warming twice as fast as the rest of the world, that’s a big problem. The economic loss is 50 billion to 150 billion rubles ($2.3 billion) a year, said Alexander Krutikov, deputy minister for the Far East and Arctic development.

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