THE IMPACT OF THE CRISIS ON INVESTMENT PROCESSES IN THE ARCTIC ZONE OF THE RUSSIAN FEDERATION
The purpose of the study is to determine the degree of influence of the crisis phenomena of the last decade on investment processes in the Arctic zone of the Russian Federation that is strategically significant for the sustainable development of the national economy. Analysis of the transformation of investment processes in the Arctic zone of the Russian Federation in 2008-2017 showed that the dynamics of aggregate investments for the period under consideration was characterized by rather sharp fluctuations and uneven distribution. It was found that the volume of domestic investment in the Arctic, despite the crisis, decreased to a lesser extent than the national average, and also increased faster in the post-crisis periods, which, however, was ensured by the growth of investment in only a few regions due to the implementation of large-scale investment projects. At the same time, the flow of foreign investment, crisis phenomena, especially the «war of sanctions», had a direct and extremely negative impact, leading not only to a significant reduction in funding and curtailing international cooperation in the framework of large investment projects on the Arctic shelf, but also to limit access of domestic oil and gas companies to offshore production technologies. The scenarios for the development of the investment sphere in the Arctic zone of the Russian Federation are given, taking into account the influence of the crisis.