Recommendation 176

The Arctic currently accounts for a small share of the world economy, estimated at $615 billion in 2018 (at purchasing power parity), or 0.7% of global output. Russia accounts for around three quarters of this output. 203 The UK and other Western companies have extensively divested from Russia’s economy since Russia’s full-scale invasion of Ukraine, particularly in extractive sectors. This Chapter primarily focuses on the economic prospects in the non-Russian Arctic.