May 20, 2024
JUST IN: Russia opens North Sea Route to international traffic
JUST IN: Russia opens North Sea Route to international traffic
– By Alison Godswill

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JUST IN: Russia opens North Sea Route to international traffic

By Our Correspondent

At last, Russia has opened its strategic port, Tiksi, to foreign cargo ships, intending to boost trade with partners in Asia and Africa, according to FleetMon.

It stated: “The move is expected to increase the port’s cargo turnover to approximately 30 million tonnes.

“This port opening not only aims to enhance Russian trade but also serves to bypass Western economic sanctions and support the growth of the North Sea Route. Situated halfway between Europe and Asia, Tiksi becomes an ideal stopover along the North Sea Route (NSR), facilitating the reloading of raw materials and welcoming cruise ships.

“Consequently, this development could significantly bolster trade between Russia and other Asian nations, many of which have refrained from condemning Russia’s actions in Ukraine and have assisted in alleviating Russia’s economic challenges from major sanctions.

“Tiksi port, located on the coast of the Laptev Sea to the north of Yakutia, is set to become an international facility, as stated in a decree signed by Russian Prime Minister Mikhail Mishustin. The opening of the new port is anticipated to create new transshipment facilities, generate employment opportunities, and foster the growth of the port itself and the North Sea Route. Russia intends to initiate an investment project to construct a deep-water hub port near the village of Nayba.”

It added: “Given the mounting sanctions pressure, Russia’s North Sea Route has become crucial. The traffic volume along the NSR is rising, with cargo reaching 34 million tonnes in 2022. Although the majority of this volume comprises gas, coal, and iron ore, the cargo segment is also experiencing significant growth.”

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