Date: 26/05/2023

Russia extends further support for shipping along Arctic coastline

Russian President Vladimir Putin has reportedly pledged further support for shipping along the country’s Arctic coastline, which has historically ranked high on his list of priorities. Senior Russian government officials have said that the Northern Sea Route (NSR) has been gaining traction with the export of oil, LNG and metals to world markets. Freight traffic along the NSR has increased from four million tonnes in 2014 to 34 million tonnes in 2022. To ensure that the route handles growing freight volumes in the coming years, the government has reportedly approved a uniform plan for its development until 2035 and has earmarked $22 billion for investment in transport infrastructure, said a report.
Source: Exim News Service: Moscow, May 25