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Putin seeks international investment for Arctic shipping during visit to Beijing

Photo of Sam Chambers Sam ChambersOctober 19, 2023
2,443 1 minute read

Attending China’s Belt and Road infrastructure forum in Beijing yesterday, Russian president Vladimir Putin sought international investment to develop 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. 

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 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.

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Photo of Sam Chambers Sam ChambersOctober 19, 2023
2,443 1 minute read
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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