On the Question of Investment and Financial Development of the Russian Arctic Regions

Abstract

In this article, the authors assessed the resource availability, investment opportunities and incomes of the population of the Russian Arctic in the context of the potential development of this territory. The study showed that natural resources are not the main condition for the formation of regional finances. Based on the conducted statistical analysis, it is shown that the regions under study have powerful industrial potential but have a rather low level of investment attractiveness. It was revealed that the current system of social guarantees does not compensate for living conditions in these territories. It is concluded that considering the identified interregional differences and peculiarities will make it possible to develop new solutions and approaches in matters of financial development of the Arctic territories. The authors believe that expanding the powers of regional authorities, reducing budget consolidation and developing mechanisms aimed at forming the institutional foundations of state regulation will help build up additional regional financial resources, eliminate the legal vacuum and develop special mechanisms to stimulate investment processes and attract investment resources for these territories.