9 hrs ago
Putin Proposes New India-Russia Trade Routes Amid Hormuz Risks
Russia and India are discussing ways to move goods along more trade routes.
Vladimir Putin said Russia has tested shipping links with China and South Korea and wants to discuss similar plans with India.
One proposed route, called the International North-South Transport Corridor, involves Russia, Iran and India.
Russia says it can help pay for the project, but Iran still needs to finish its part.
Putin said the section that goes through Azerbaijan is progressing without problems.
These plans matter more as shipping through the Strait of Hormuz faces disruption.
Putin also said Narendra Modi has repeatedly encouraged an end to the war in Ukraine.
He thanked Modi for supporting peaceful dialogue.
Vladimir Putin said Russia sees significant potential for economic cooperation with India, including joint use of international trade routes.
Russia has piloted commercial vessels from China and South Korea and is discussing similar cooperation with India.
Putin said Russia is ready to provide credit for the International North-South Transport Corridor, but Iran must complete its section.
He said the corridor segment through Azerbaijan was progressing without problems and that Azerbaijan agreed to participate.
The route discussions come amid Strait of Hormuz disruptions; Putin also praised Narendra Modi for urging a peaceful end to the Ukraine conflict.
- Who
- Russian President Vladimir Putin discussed trade routes and India-Russia cooperation; he also commented on Indian Prime Minister Narendra Modi’s efforts concerning the Ukraine conflict.
- What
- Putin proposed broader use of trade corridors linking Russia and India and discussed progress on the International North-South Transport Corridor.
- Where
- The proposed routes involve Russia, India, Iran and Azerbaijan, with wider route options discussed through Turkmenistan, Afghanistan and Pakistan.
- When
- The timing of Putin’s remarks is not specified; the article also refers to an earlier proposal in August by Deputy Prime Minister Marat Khusnullin.
- Why
- To expand economic cooperation and consider alternative trade routes amid disruptions and transit risks associated with the Strait of Hormuz.
Key facts
- Proposed cooperation
- Russia is discussing joint use of international trade corridors with India.
- Existing vessel pilots
- Putin said Russia had piloted commercial vessels from China and South Korea.
- North-South corridor
- The project involves Russia, Iran and India.
- Russian financing
- Putin said Russia was ready to provide credit resources for the corridor.
- Iran's section
- Putin said Iran needed to complete its part of the project.
- Azerbaijan's section
- Putin said the Azerbaijan segment was progressing without problems and that Azerbaijan agreed.
- Hormuz trade figures
- The article says the Strait of Hormuz carries about 25% of global oil trade and nearly 20% of worldwide LNG shipments.
Quotes
Marat Khusnullin
Russian Deputy Prime Minister, quoted by TASS
“A rail link to the Indian Ocean should also be explored. Risks related to the Bosphorus and the Strait of Hormuz might require alternative routes: through Turkmenistan, Iran, Afghanistan, and Pakistan. Any options providing access to India are acceptable.”
businesstoday.in
“Now, as far as the North-South transport corridor is concerned, it does not depend solely on us. We stand ready to provide the credit resources. But right now, our Iranian friends have to complete their part of the work.”
businesstoday.in
Sources
Related news
Putin backs India ties, North-South corridor funding plans
Modi and Putin to Discuss Trade, Defence, Arctic Cooperation
Putin Praises Modi’s Ukraine Peace Efforts Amid Economic Push
India and Russia Seek Greater Leverage Through Strategic Partnership
Putin and Modi strengthen ties as BRICS rejects isolation
Russia Defends India Oil Trade Amid West Asia War Disruptions
Young Sailors Adapt Aboard Carrier Amid Iran War
P K Mishra Warns Trade Measures Can Become Weaponised
Mishra Says India Sustained Growth Amid Global Uncertainty
Flydubai Co-Pilot Identified as US Builds Middle East Presence
