Insight from Moscow: Russian Arctic oil and gas development continues despite climate concerns

S&P GLOBAL PLATTS | In early June, coverage of the environmental damage caused by a major gasoil leak at a facility owned by Nornickel in Russia’s Arctic region shocked both domestic and international audiences.

Russian President Vladimir Putin declared a state of emergency, and ordered lawmakers to strengthen environmental legislation.

There is little sign that the incident is causing Russian oil and gas companies to rethink their development plans in the region, however. The Arctic remains a strategic development priority for the Russian government, despite high costs, Western sanctions and logistical issues compounding the growing environmental concerns.

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