Trends and Prospects of Attracting Foreign Investment in Arctic Megaprojects under Geopolitical Tension

The article analyzes the participation of foreign investors in the implementation of investment projects in the Arctic zone of the Russian Federation. The features of organizing foreign investments at the regional level are considered. The dynamics of indicators of attracting foreign investment in the Russian Arctic in 2016–2021 is analyzed. It is noted that in the last few years, the attraction of loans from foreign banks has decreased to a minimum, and the entire volume of investment was carried out at the expense of direct investments by foreign investors in large megaprojects of the Russian Arctic. The situation with the involvement of foreign investors in Arctic projects in the context of geopolitical tensions in 2022 is assessed. It is concluded that Western companies are currently withdrawing their assets from joint Arctic projects, while the potential for investment cooperation with Asian, Latin American and Turkish partners in the Arctic zone of the Russian Federation is increasing. It has been established that the withdrawal of Western investors from joint Arctic projects carries not only financial risks associated with the search for new sources of investment, but also technological risks that necessitate the development of alternative options for obtaining the necessary equipment. As ways to overcome the difficulties associated with the withdrawal of Western investors from Russian Arctic projects, it is proposed to intensify direct state financing of the implementation of infrastructure facilities based on the program method, as well as to direct efforts to create interstate mechanisms for financing large Arctic projects with friendly countries interested in the development of Arctic policy within the framework of existing BRICS and SCO associations.