Russia and China plan to create a joint working body to develop the Northern Sea Route (NSR).

“We believe the cooperation with Chinese partners in developing the transit potential of the Northern Sea Route is promising. We are ready to create a joint working body to develop the Northern Sea Route,” Vladimir Putin said during a meeting with President of China Xi Jinping.

The volume of cargo transportation along the NSR in 2022 amounted to 34 million tons. Russian companies’ cargo traffic along the NSR increased by 3 percent, to 966,000 tons, compared to 2021.

Previously, the Russian President set the task of increasing the cargo turnover along the NSR to 80 million tons in 2024. Putin has repeatedly emphasized that the implementation of Arctic projects along the Northern Sea Route will stimulate the development of not only the Russian Arctic, but the entire economy of the country. A number of important government decisions were made to promote hydrocarbon projects along the NSR, as well as the development of infrastructure and fleet along this route. These included a plan for developing the Northern Sea Route until 2035 with a total funding of almost 1.8 trillion rubles.

The Russian authorities stressed that the Northern Sea Route, which is 30 percent shorter than the route through the Suez Canal, can become a new international transport alternative, and that the Russian Federation is ready for international partnership to develop the Northern Sea Route.