Russian government to oblige domestic metals and mining companies to invest in eco activities

Alexander Kozlov, Russian Minister of Natural Resources. Photo: Nedradv

The Russian government may oblige domestic metals and mining companies to invest in the activities for the liquidation of damage to domestic eco system and environment, according to recent statements, made by some senior state officials and local media reports.

 

It is planned, the majority of these funds will be invested in the establishment of special liquidation funds, while implementation of these plans will be controlled by the Russian Ministry of Natural Resources

 

These plans have been recently confirmed by the Minister of Natural Resources and Environment Alexander Kozlov.

 

For this purpose, the government will prepare a draft bill, that will be further sent for consideration of the Russian Parliament (State Duma).

 

As part of these plans, five years before the closure of such enterprises, their owners will have to provide for a liquidation plan, which will include an environmental audit of the closing enterprise. Non-fulfillment of these obligations will lead to serious fines of business and various penalties and sanctions.

 

In the meantime, the latest state plans have already been criticized by representatives of some leading Russian metals and mining companies, as, according to them, that may lead to a significant increase of costs amid the times of the pandemic.

 

By: Eugen Gerden