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Putin pledges to re-open Arctic trade route

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Putin pledges to re-open Arctic trade route

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Russian Prime Minister Vladimir Putin has predicted that the Arctic shipping routes along the northern coast will soon rival the Egypt’s Suez Canal.

At a forum in the city of Arkhangelsk, Putin said that Russia planned to revive the Soviet-era shipping lane.

He said that continued high oil prices would help convince the world’s biggest shipping companies to use the faster trade link from Asia to Europe. It is estimated to be a third shorter than the southern route.