Russian President Vladimir Putin is looking to attract international investment for the development of Arctic shipping. The region has become increasingly accessible due to melting ice, and Putin sees it as an opportunity for economic growth. The investment would be used to improve infrastructure and technology to facilitate shipping through the Arctic.
Russia's Focus on Deliveries to Asia
Vladimir Putin, the president of Russia, attended yesterday's Belt and Road infrastructure conference in Beijing and called for foreign investment to expand the Northern Sea Route (NSR).
“We invite interested states to participate directly in its development, and we are ready to provide reliable icebreaker navigation, communication and supply,” Putin said.
Thanks to Western sanctions, Russia has increased its focus on deliveries to Asian clients, with plenty of ships choosing the Arctic voyage along the NSR this year.
Investment in the NSR Development
This June, Russian prime minister Mikhail Mishustin declared that some $21bn would be invested in the development of the NSR over the next 13 years. The investment would consist of constructing 50 icebreakers and ice-class ships, building ports, and creating an orbital satellite constellation.
Freight Traffic Along the NSR
Freight traffic along the NSR increased from 4m tonnes in 2014 to 34m tonnes in 2022. Russia aims to increase the capacity of the NSR to 100m tonnes by 2026 and 200m tonnes by 2030.
-Source(splash247)
