Vladimir Putin is eyeing a new 5,647-mile maritime corridor to improve access to the Asian market and bypass limitations imposed on Russian businesses since he launched his invasion of Ukraine.
Following a meeting with Putin in Moscow, Prime Minister Narendra Modi reaffirmed his commitment to the establishment of a new sea route connecting Russia and India.
The proposed route, dubbed the Chennai-Vladivostok Maritime Corridor, would extend for over thousands of miles and could link the ports of Visakhapatnam, Kolkata, Vostochny and Olga.
In addition to strengthening Russia‘s alliance with India, the corridor would also allow the two nations to avoid ongoing disruptions in the Red Sea and Suez Canal.
At present, transport between India and Russia via Western Asia takes approximately 40 days while the new route is estimated to reduce travel time by 40% to 24 days.
The Indian Government also expects the corridor to reduce the distance between the two countries.
There are 8,675 nautical miles between the port of Mumbai and the port of St Petersburg.
The Chennai-Vladivostok corridor would cut the distance to 5,647 miles – a reduction that would help both Russia and India to limit logistics costs and save on fuel.
Moscow and New Delhi signed a memorandum of intent in 2019 outlining the main aims of the new routes, namely the creation of a quicker passage for coal, oil, liquified gas and other cargo.
Indian Minister of Ports, Shipping and Waterways Sarbananda Sonowal said the Chennai-Vladivostok Maritime Corridor would “reduce logistics costs immensely, and boost efficiency in transportation of cargo between the two countries.”
Trade between the two countries hit $46.2 billion in 2023, with experts forecasting the number would increase to $50 billion in 2024.
Mr Sonowal met Russia’s Deputy Minister for the Development of the Far East and the Arctic Anatoly Bobrakov in Chennai in January to thrash out details of the next phase of the project.
But despite the commitment from both India and Russia to develop the corridor, a Russian diplomat attending the meeting conceded it would take months to establish the route.
They said: “An increase in imports from India will help other Russian exporters who have billions of rupees in Vostro accounts, and adjust these balances with those importing from India – even if the Eastern Maritime Corridor plan takes several months to fructify, if not longer.”
After his meeting with the Russian president, Mr Modi confirmed talks for the creation of the corridor are ongoing.
He said: “Two years ago, the first commercial consignment also reached here from the North-South Transport Corridor.
“Now, we are also working on the Chennai-Vladivostok Eastern Maritime Corridor. Both our countries are discovering each other through Ganga-Volga dialogue and civilisation.”