Our Arctic Neighbors: Russia ready to loosen Arctic offshore restrictions

Russian authorities will make it easier for foreign companies to operate on the Russian Arctic shelf, Minister of Natural Resources Yuri Trutnev indicated at a Sept. 16 press briefing that followed the signing of the maritime boundary agreement with Norway.

Trutnev, who was accompanying President Dmitry Medvedev to Murmansk for the signing, told reporters that the number of companies allowed to operate on the country’s shelf will be expanded, Reuters reported.

“We need investment and technology. We need to attract business there,” Trutnev said.

He also said that Russia’s law regulating foreign investments should be amended to relax restrictions on foreign companies doing business in the country.