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FX.co ★ Russian resource-mining companies to support ethnic minorities

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Forex Humor:::2020-09-28T15:27:35

Russian resource-mining companies to support ethnic minorities

Mikhail Mishustin, the head of the Russian cabinet, issued a directive that obliges resource-mining companies to offset losses inflicted on native minorities of Russia.

Over a few years, the order of compensation was not regimented by any agreement. From now on, such compensation will be subject to special legislation.

Ethnic minorities inhabit northernmost Russia, Siberia, and the Far East - i.e. the regions where vast natural resources are exploited. Resource-mining companies mainly deal with extracting petroleum, precious, and non-ferrous metals. Their activity is accompanied by the alienation of territories. Experts warn that such an intrusion badly affects the lifestyle of the natives.

An agreement on loss compensation to the native population is due to be made between a resource-mining company and a regional council of an ethnic minority. Upon mutual agreement, a document could include provisions for offsetting losses inflicted on an individual’s property as well as a loss of expected gains.

The agreement draft will be available for public consideration soon. Any comments and proposals are welcome, so that the lawmakers could introduce them in amendments. Five days later after an agreement is made, a council of a native minority has to inform a regional government. It will post the document on the official website.

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