Legal aspects of business activity in the Arctic zone of the Russian Federation

Abstract

The paper analyzes the terminology of entrepreneurial activity in the Arctic region of Russia. Particular attention is given to the law regulation of the main economic activities in the Arctic region of Russia. First, to the development of the Northern Sea Route, secondly, to the extraction of hydrocarbons and other minerals, thirdly, to the digital industry and, finally, to the traditional commercial activities of Northern native nations. The study offers a solution for the country's social programs through the corporations’ economic activities. It is noted that the legal regulation of the Arctic is partial, there are significant gaps. In addition, new flagship territories have appeared, where a special regime of economic activity is being created. In this regard, it is concluded that it is necessary to develop the Arctic Code of the Russian Federation. The article pays attention to such a direction of scientific research in law and economics as the development of living standards of the population in the Arctic. The specific risks of the Arctic zone are identified and classified. The study examined the role of insurance in the development of the Arctic region, in particularly, focused on the importance of liability and entrepreneurial risk insurance. The problem of defining the subjects of entrepreneurship in the legislation of the Russian Federation is recorded. It is also concluded that the concept of entrepreneurial activity should be reformulated in the Civil Code of the Russian Federation. The paper offers to adopt such a form of entrepreneurs' rights defense as dispute resolution in the magistrate’s courts