Russian state corporation specializing in nuclear energy, Rosatom, has been granted the role of top regulator in the development of the Northern Sea Route.
In the first half of December 2018, the State Duma adopted the new law, which was approved by Russia’s Federation Council on December 21.
The law, which grants the company a leading role in the Russian Arctic development, was signed by the country’s President Vladimir Putin later that month.
The responsibilities of the Northern Sea Route Administration, which operated under the Ministry of Transport, will now be transferred to Rosatom. The company would be in charge of development and operational responsibilities for shipping, as well as infrastructure and sea ports along the northern Russian coast.
The legislation was adopted amid an increase in Russian Arctic shipping. Shipping volume on the Northern Sea Route increased by 70 percent from 2017 to reach about 18 million tons of cargo in 2018. Russia expects that the volume on the route could reach 80 million tons by 2024.