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Jan 22, 2015

Sanctions sap allure of Russia’s Arctic shipping route

OSLO/STOCKHOLM (Reuters) – Western sanctions on Russia are restricting the Arctic shipping route along its north coast to domestic cargoes and energy exports with many foreign firms staying away after test voyages on a fabled short-cut between Europe and Asia.

A decline in foreign shipments on the Northern Sea Route (NSR) in 2014, interrupting gains in recent years as ice retreats, dims prospects for a shipping lane that is often seen as a rare positive side-effect of global warming.

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