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WHILE attending China's Belt and Road infrastructure forum in Beijing, Russian President Vladimir Putin sought international investment to expand the Northern Sea Route (NSR), reports Singapore's Splash 247.
"We invite interested states to participate directly in its development, and we are ready to provide reliable icebreaker navigation, communication, and supply," said Mr Putin.
Russia has shifted its focus to serving Asian clients due to Western sanctions, resulting in a significant uptick in Arctic shipments via the NSR this year.
In June, Russian Prime Minister Mikhail Mishustin announced a substantial investment of $21 billion over the next 13 years in developing the NSR.
This investment plan encompasses the construction of 50 icebreakers and ice-class ships, the establishment of ports, and the deployment of an orbital satellite constellation.
The volume of freight traffic along the NSR has surged from four million tonnes in 2014 to 34 million tonnes in 2022.
Russia aims to boost the NSR's capacity to 100 million tonnes by 2026 and a staggering 200 million by 2030.
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