The Northern Sea Route: Strategic, Political and Economic Dimensions

The overall situation in the Arctic has possibly entered a new stage. Unclear prospects for ice melting tempo and drop in hydrocarbon prices objectively slow down the aspirations of all actors and give Arctic the time for a necessary break. Northern Sea Route is critically important for Russia strategically, it is vital for maintaining livelihoods of two million Russians living and working in the North. No economic enterprise in Russian Arctic sector will be successful without maritime transportation support. Complex additional efforts are needed to create a safe and profitable maritime transit system in the Arctic connecting Europe with North–Eastern Asia. The Eastern sector of the Northern Sea Route is less developed and more challenging but providing attractive prospects for domestic and foreign business. A step by step approach, selection of optimal projects best suiting investors, authorities and local communities would be an appropriate way to start profitable business projects there.