MOSCOW â€” Russia’s long-term development and its competitiveness in global markets depends on developing Arctic resources, President Dmitry Medvedev said Wednesday, demanding that Russia mark its Arctic territory so it can claim a large share of the region’s mineral resources.
Telling his Security Council that the Arctic is “strategically important,” Medvedev urged a speedy passage of a law to determine Russia’s southern Arctic zone and added that “marking of the external border of the continental shelf is a long-term goal.”
Russian oil firms have recently started posting declines in production as onshore oil and gas fields are getting depleted. The Arctic continental shelf, meanwhile, may contain up to one-fourth of the world’s undiscovered oil and gas, according to estimates by energy experts.
“The use of these energy reserves is a safeguard for Russia’s energy security,” Medvedev said. “It is our duty to our descendants, we have to ensure the long-term national interests of Russia in the Arctic.”