Russia will use about one fourth of its National Welfare Fund resources for infrastructure projects including the controversial Rosatom-funded Fennovoima nuclear reactor in Pyhäjoki, Finland.
Russia will use funds earmarked for its citizens’ pensions to fund the Rosatom nuclear power plant in Finland, according to Alexei Ulyukayev, Minister of Economic Development for Russia.
The Russian National Welfare Fund is currently valued at 86 billion euros. Of that sum, 20 billion euros will be taken out for five infrastructure projects, one of which is Rosatom, said Ulyukayev. Other projects include the development of Moscow’s Sheremetyevo International Airport.
Money in the Russian National Welfare Fund has been raised from oil and gas profits.
The Russian state has two reserve funds, both of which contain about the same amount of money.
Related stories from around the North:
Canada: Oil and gas consultations in Canada’s eastern Arctic next week, CBC News
Finland: Nuclear power project debates expose political divide in Finland, Yle News
Greenland: Statoil awarded exploration licence off Greenland, Eye on the Arctic
Norway: Oil, Industry and Arctic Sustainability, Deutsche Welle’s Ice-Blog
Russia: Russia sees Wrangel Island oil and gas potential; Greenpeace eyes an eastern Arctic front, Alaska Dispatch
United States: Gasline partners take steps toward permitting, marketing of project in Alaska, Alaska Public Radio Network