India, Russia explore development of Northern Sea Route for logistics

Russian President Vladimir Putin has welcomed the announcement, and said at the eastern economic forum on Tuesday that there is nothing about the project that could harm Russia in any way

After initiating plans for the swift operationalisation of the eastern maritime corridor, India and Russia on Wednesday discussed the potential of the Northern Sea Route (NSR) as a significant trade avenue for major commodities, according to the Ministry of Ports, Shipping, and Waterways.

Union Minister Sarbananda Sonowal is in Russia, where he met with AO Chekunkov, Russian Minister for the Development of the Far East and the Arctic. Chekunkov highlighted the ongoing maritime communications between the two nations, stating, "Cooperation with the Republic of India is a priority for our Ministry. We intend to deepen relations in the Far East in all areas of mutual interest."

Sonowal's trip comes shortly after the announcement of the India Middle East Europe (IMEC) corridor at the G20 Summit and is viewed as a diplomatic endeavour to maintain robust ties with Russia. "Our relationship has deep historical roots based on mutual respect and shared interests. We are committed to maintaining strong ties and fostering strategic cooperation across various sectors," said Sonowal.

President Vladimir Putin welcomed the development but emphasised the need for a thorough economic assessment of IMEC, especially considering the multi-modal shifting of cargo and transhipment at various stages.

Chekunkov noted that the Northern Sea Route has abundant potential for transporting commodities like coking coal, oil, liquefied natural gas (LNG), and fertilisers. "In the Far East, these products are abundant, and eastern India is developing the necessary infrastructure to handle them," he said.

Recent reports indicate that the melting of Arctic ice has revealed new shipping avenues along Russia's northern coast, leading to a significant increase in Indian cargo in the region. Chekunkov added that a Russian delegation is prepared to visit Chennai in October to develop mutually beneficial solutions for initiating these shipping routes.

Highlighting the broader implications, Chekunkov said that the NSR is not just a Russian transport project. "Its development can benefit both Russia and non-regional states. For India, it represents an opportunity to increase sales of shipbuilding products and participate in the logistics business in northern latitudes."

Sonowal extended an invitation to Russia to attend the Global Maritime India Summit scheduled for October in Mumbai.