VEB, the Russian state development bank, will invest more than 1.1 trillion roubles in a copper mine in Chukotka, located in the Russian Far East. The Baimskaya copper deposit is expected to bring more than three trillion roubles in tax revenue and create around 6,000 job opportunities. Furthermore, this copper mine will increase Russia's gold output by 4% and copper output by 25%.

Chukotka, officially the Chukotka Autonomous Okrug, is the northeasternmost federal subject of Russia, with about half of its territory in the Arctic Circle. As Western countries' sanctions, Russia has shifted trades from Europe to Asia via the Northern Sea Route, and President Vladimir Putin regards the Arctic as one of Russia's key areas of economic interest. The government said the development of the Baimskaya mine deposit will increase the Northern Sea Route's cargo traffic by two million metric tons annually.