Now Reading: India confirms Northern Sea Route talks with Russia
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India confirms Northern Sea Route talks with Russia
India and Russia are discussing cooperation on the Northern Sea Route (NSR), the Arctic corridor Moscow wants to turn into a major Europe-Asia trade link, the Ministry of External Affairs confirmed on…
The Story in Brief
India and Russia are discussing cooperation on the Northern Sea Route (NSR), the Arctic corridor Moscow wants to turn into a major Europe-Asia trade link, the Ministry of External Affairs confirmed on Friday. Spokesperson Randhir Jaiswal said connectivity is an important part of India's "multi-faceted cooperation" with Russia and that talks on the NSR are ongoing. Russian President Vladimir Putin has identified India and China as key partners for the route, which cuts shipping time between China and Europe by about half compared to the Suez Canal.
Chinese firm Sea Legend began the first regular container service on the NSR on Saturday, running between Ningbo and Felixstowe for a seven-week season. However, major shipping companies such as CMA CGM, MSC and Hapag-Lloyd have pledged to avoid Arctic trans-shipment routes citing environmental risks. Analysts say the NSR is an important future trade corridor but cannot yet rival the Strait of Hormuz.
The Indian Opinion
The buzz around the Northern Sea Route as a Suez or Hormuz replacement ignores two realities. Major shipping lines have pledged to avoid Arctic transit because of environmental risks. Russia’s icebreaker-dependent window is only a few months a year. Indian interest is prudent, diversifying trade routes is sound, but the NSR remains a seasonal, high-cost gamble. Watch if any non-Chinese carrier actually books a regular slot after October.
Sources (2): timesnownews.com, livemint.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
