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Potential mitigation measures could include the development of methods for local cooling and stabilisation and the introduction of tougher building standards, the Commission said. "Over 70% of Arctic infrastructure and 45% of oil extraction fields are built on permafrost," said the document, which must still be approved by the EU's 27 member states. The EU also aims under its new strategy to strengthen research into the effects of thawing permafrost that may put oil fields at risk and threaten to release greenhouse gases as well as dangerous germs locked in the frozen ground. It has warmed three times as fast as the planet during the last 50 years, causing the ice covering land and sea to melt, sea levels to rise and permafrost to thaw. The Arctic is one of the regions most affected by climate change. That’s because we will reduce production, but will get the prices we wanted," Putin told an energy conference in Moscow. "If such decisions lead to a certain price volatility, (Russia's economy) wouldn’t suffer that much. Russia's President Vladimir Putin, whose country is one of the world's largest oil and gas exporters and excavates fossil fuels in the Arctic, said Moscow would eventually benefit from such a ban due to rising prices. "To this end, the Commission shall work with partners towards a multilateral legal obligation not to allow any further hydrocarbon reserve development in the Arctic or contiguous regions, nor to purchase such hydrocarbons if they were to be produced."