Tuesday, 02 January 2024 12:17 GMT

Russia Proposes Enhanced Role for India in Arctic Trade


(MENAFN) Russia is aiming to strengthen India's engagement in the Northern Sea Route (NSR) and is offering the South Asian country the possibility of becoming a full member of the Arctic Council, according to a report by a broadcaster on Wednesday.

Vladimir Panov, the special envoy for Arctic advancement at Rosatom, highlighted the strategic value of working with India, which has shown interest in Arctic alliances.

He emphasized to the media outlet that this cooperation could be essential for the long-term growth of the NSR.

The NSR is a maritime corridor that traverses Russia’s Arctic and Far Eastern territories.

It provides the shortest shipping path between Europe and the Asia-Pacific, and it is being developed as a critical trade passage.

This route could significantly cut down transit durations compared to established paths like the Suez or Panama canals.

“The Northern Sea Route is not just a new shipping lane—it’s the last major addition to global marine logistics for the next few centuries,” Panov told the broadcaster.

He further stated that “given the instability in traditional maritime corridors like the Red Sea and the rising threat of piracy in Southeast Asia, the NSR offers a safe and efficient alternative. And India, as a trusted long-term partner of Russia, has a vital role to play in this transformation.”

Though India has so far made limited financial commitments in the Arctic, it is striving to expand its presence to benefit from the region’s abundant natural reserves.

Currently, India holds observer status in the Arctic Council, an intergovernmental body founded in 1996 that promotes cooperation among Arctic nations and indigenous populations.

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