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.