A new approach to managing the shipping artery is expected to boost freight turnover through Russian waters

The development of the Northern Sea Route (NSR) in Russia's Arctic territory will be at the center of discussions on Wednesday at the International Arctic Forum. The two-day event is taking place in Murmansk - the world's largest city north of the Arctic Circle and home to a strategic Russian port.

The forum, organized by the Russian government and national nuclear energy giant Rosatom, is a major platform for discussing the development of the Arctic. The region has drawn increasing global attention due to its vast untapped energy and mineral resources, as well as its strategic trade routes.

Russia has been developing the NSR, a transport corridor that runs through its Arctic and Far East regions and serves as the shortest shipping link between Europe and the Asia-Pacific. The NSR is expected to become a major trade route for goods shipped between the continents and could drastically reduce transportation times compared to traditional pathways through the Suez or Panama canals.

Forum participants will examine plans to modernize and expand the NSR, with a focus on boosting its efficiency and strengthening partnerships between Russia and countries in Southeast Asia and the Persian Gulf. The discussion will also seek ways to keep the route operational year-round, improve logistics along the corridor, and enhance Arctic infrastructure.

The NSR in Russia's exclusive economic zone within Arctic waters has been experiencing an unprecedented surge in development over the past decade. Moscow has extensively modernized the route, with significant investment from India and China, which hold stakes in several Arctic energy projects.

Russian President Vladimir Putin last year outlined the development of the NSR as a strategic priority for the country, pledging to ensure all-year navigation on the Arctic route. He has also invited foreign partners to use the shipping artery.

Freight traffic via the route has been growing steadily. Russian authorities expect annual maritime cargo flows along the NSR to reach 200 million tons by 2030. They plan to boost cargo throughput at northern seaports and to increase the country's Arctic fleet.

(RT.com)