Global Markets

Putin proposes closing Northern Sea Route to non-Russian ships

Russia is looking to seal off the Northern Sea Route to foreign oil and gas shippers.
By Staff reporter 17 November 2017 0 28436

Russia is looking to seal off the Northern Sea Route to foreign oil and gas shippers.

“The issue that I would like to raise is about granting vessels sailing under the Russian flag the exclusive right to ship and store hydrocarbons in the waters of the Northern Sea Route [NSR],” Russian President Vladimir Putin said on Friday.

Putin was speaking on the development of the Zvezda Shipbuilding Complex in the Far East during a meeting that was broadcast by TV channel Rossiya 24.

“The corresponding bill is...