Russian First Deputy Prime Minister Sergei Ivanov believes that the political aspect of developing the continental shelf in the Arctic region is not less important than the economic one, Itar-Tass reports. "Statutory recognition of Russia' rights to the continental shelf will expand the territory of our Fatherland," Ivanov said at a meeting of the Maritime Board on Friday.
"But this expansion requires much effort, intellect, newest technologies, and the correct choice of strategy and tactics of actions," the first deputy prime minister said.
Rosneft's head Sergei Bogdanchikov estimates investments in development of Russia's shelf without disputed territories till 2050 at 61 trillion roubles.