India is among the countries showing active interest in the Northern Sea Route (NSR), Russian President Vladimir Putin said on Thursday, as fast-growing economies in Asia and beyond seek to develop trade with Russia amid Western sanctions.

“We see growing interest from countries wishing to engage with us on this front,” Putin said regarding the Arctic shipping route. “These partners include, above all, our friends China, India, and other nations who are actively discussing these matters with us.”

Putin, who is visiting Russia’s Far East and Sakhalin Region to oversee naval drills, was speaking to Pacific Fleet personnel aboard the missile cruiser Varyag. He said the interest from partner countries has grown following Western sanctions imposed over the Ukraine conflict, and that cooperation on the NSR would follow international maritime law.

India is a key partner in the Arctic – Regions Forum, being held on August 13-14 in the city of Arkhangelsk in northern Russia.

With the 10,380-km Chennai-Vladivostok corridor, also called the Eastern Maritime Corridor, operational since 2024, India and Russia have speeded up cooperation on the NSR as they seek to reach their $100 billion bilateral trade target.

Last month, Russian Prime Minister Mikhail Mishustin said Rosatom – the designated operator and coordinator of the NSR – has been instructed to sign a memorandum with India on maritime cargo transportation along the Arctic route.

The state-owned conglomerate manages Russia’s unique fleet of nuclear-powered icebreakers, essential for keeping the Arctic shipping lane navigable.

Russia is investing heavily in the 5,600-km NSR – which runs through the Arctic Ocean off the country’s northern coastline and is the shortest shipping route between East Asia and Europe – to turn it into a major shipping lane.

The Arctic route offers India alternative passages to ship commodities to markets in eastern and northern Europe, saving up to 40% in distance and about two weeks of travel time compared to traditional routes through the Suez Canal, which are facing disruptions from the Middle East conflict.

India and Russia formalized the Reciprocal Exchange of Logistics Support (RELOS) pact during Putin’s visit to New Delhi in December. The pact offers India access to ports along the NSR, from Vladivostok to Murmansk.

In June, the Russian minister for the development of the Far East and the Arctic, Aleksey Chekunkov, said Indian Prime Minister Narendra Modi and the Indian business community are interested in developing trade ties with the Russian Far East.

“We have dramatic common capabilities, common opportunities to jointly develop an ice-level fleet, to jointly develop container shipping, which is happening,” he said.

Indian shipyards are in talks to build non-nuclear icebreaker ships to navigate the harsh icy waters.