Russia to Spend $30 Billion on Northern Sea Route by 2035

August 4, 2022

© Andrei Stepanov / Adobe Stock
© Andrei Stepanov / Adobe Stock

Russia is to spend almost 1.8 trillion roubles ($30 billion) on the Northern Sea Route development project up to 2035, according to a document uploaded to the government's website.

The document said the sea route, which is being facilitated by reduced sea ice as a result of climate change, is "a very important transport corridor, of both national and global significance".


(Reuters - Reporting by Reuters; Editing by Alison Williams)

Logistics News

Urals Freight Rates to India Drop As Tanker Availability Increases

Urals Freight Rates to India Drop As Tanker Availability Increases

Maritime Technologies Forum Publishes Guidelines for Methanol as Marine Fuel

Maritime Technologies Forum Publishes Guidelines for Methanol as Marine Fuel

PD Ports Names New CEO

PD Ports Names New CEO

Stolt-Nielsen Limited Shares Q2, H1 2026 Results

Stolt-Nielsen Limited Shares Q2, H1 2026 Results

Subscribe for Maritime Logistics Professional E‑News

Sources say that the lower freight rates for Urals shipments from Russia to India are due to increased tanker availability.
Traders say that the price of Middle East oil rivals has risen as China's teapots have turned to Middle East rival supplies.
The US pump pain worsens as more US-Iran conflict lifts oil prices