Arctic economic potential greater for Russia than other Arctic nations

Moscow’s preoccupation with the Arctic is understandable as the region is much more significant for Russia’s present and future economic vitality than it is for any other Arctic nation. The Arctic accounts for approximately 20 percent of Russia’s GDP and 22 percent of total Russian exports. Over 90 percent of its nickel and cobalt, 60 percent of its copper, and 96 percent of its platinoids come from Arctic mines. The melting ice exposes the vast amount of hydrocarbon wealth of the Arctic basin. According to figures published by the Institute of Oil and Gas Problems, Russia will be pumping up to 30 million tons of oil and 130 billion m3 of natural gas out of its Arctic shelf by 2030.²³ In addition to hydrocarbon wealth, the Arctic offers lucrative transportation routes. The Northern Sea Route (NSR) extends across the Arctic Ocean seas (Kara, Laptev, East Siberian, and Chukchi) off the Russian Arctic coast and is the shortest route from Europe to the Far East. Furthermore, receding ice exposes Russia’s largely unmanned and unmonitored 17,500 kilometer coastline to piracy, illegal fishing, and smuggling.