From GeoPolitical Monitor
............"But now all that has changed, and the Arctic has become somewhat of an El Dorado for Putin. Arctic oil and gas revenues are being looked to as the only way to pay for all of the promises made during President Putin’s 2012 election campaign. Just a few of these promises include: to increase social spending by $170 billion, double the wages of doctors, policemen, and college professors, triple student stipends and increase maternity payments to boost Russia’s sagging birth rate, and the list goes on. Such is the immensity of Putin’s election promises that some analysts have speculated that oil would have to maintain a price of between $140 and $150 over the next six years to keep the federal budget from dipping into huge deficit spending.
The result of all this is a Russian government that is pushing down on the accelerator on Arctic development and strengthening its already dominant position in the region, perhaps to the future detriment of other Arctic ownership claims."
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