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Law on government support for business activities in Russia’s Arctic area

July 13, 2020

Vladimir Putin signed the Federal Law On Government Support for Business Activities in the Arctic Area of the Russian Federation.

The Federal Law is designed to determine the legal regime in the Arctic area of the Russian Federation, the composition of its territory, government support measures and the procedure for engaging in business activities in the Arctic area of the Russian Federation.

To this end, the Federal Law provides for the peculiarities of regulating the activity of companies resident in the Arctic area.

The government support measures include, for example, the specific features of exercising state control (supervision) as well as municipal control in the Arctic area, of granting land parcels and properties located therein, tax benefits, and reimbursement of a portion of the insurance payments to state non-budgetary funds.

In addition, the law provides that in applying the customs procedure of a free customs zone the Arctic area shall be regarded as a special economic zone.

July 13, 2020