Russia and China started global infrastructure project Ice Silk Road
Chinese investments in the development of Russian river routes for access to the Arctic Ocean in order to launch a new global transport corridor as a response to the EU positional bargaining in the framework of the Nord Stream — 2.
The Russian-Chinese project Ice Silk Road can unite two global infrastructure projects — Northern Sea Route and Belt and Road Initiative (BRI). China proposes Russia to develop river routes for access to the Arctic Ocean. Joint development will allow countries to increase their trade and financial potential, and will also contribute to the development of various businesses, including small ones. The project looks very attractive against the background of the resistance of some European countries to the promotion of Nord Stream 2.
Russia together with China approached the practical discussion of the global infrastructure project Ice Silk Road. This was stated by representatives of VnesheconomBank at the international conference Development of the shelf of Russia and the CIS — 2019 (Petroleum Offshore of Russia), held in Moscow.
The delegates of the conference were representatives of the leadership of Russian and corporations (Gazprom, Lukoil, RosAtom, Rosgeologiya, VnesheconomBank, Morneftegazproekt, Murmanshelf, Russian Helicopters, etc.), as well as foreign auditors (Deloitte, member of the world Big Four) and consulting centers (Norwegian Rystad Energy and others.).
The idea of the project has been raised at different levels of Russian-Chinese relations since 2014. But now the parties have felt the practical steps of its implementation. To advance towards the goal, the Chinese are proposing several initiatives to develop river waterways. One of them is Volga-Yangtze. This project will allow you to climb from south to north, using large rivers and reach the coast of the Ice Ocean. For this, China is ready to invest in the creation of a river-sea cargo transport, as well as overload and repair infrastructure.
In fact, the Chinese see the Northern Sea Route as part of the BRI project, which has already united more than a hundred countries. According to experts of the oil and gas market, the project will require very significant financial influences and a long time perspective. The project is undoubtedly attractive, it can open the way to the East for Russian oil and gas resources. That will be very promising, given the difficulties that the implementation of the Nord Stream II project faces, where Denmark is still delaying the process, despite the persuasion of the German side.
Already, the volume of commodity trade between China and the countries along the BRI exceeded $ 6 trillion. By 2024, the freight traffic along the Northern Sea Route will exceed 80 million tons per year. Among the goods: LNG, coal, oil, rare earth ores.
