"We pay great attention to the development of the Northern Sea Route. We are considering the possibility of uniting it with the Chinese Sea Silk Road, thereby creating a global and competitive route connecting north-eastern, eastern and south-eastern Asia with Europe," Putin said at the forum.
According to the Russian leader, this large-scale project implies close cooperation between Eurasia's countries in increasing transit traffic, building port terminals and logistics centres.
"We invite the states [which take part in the forum] to join the initiative," Putin added.
Russia's Alternative to Suez Canal: Northern Sea Route
China is hosting the second Belt and Road Initiative forum on April 25-27 in Beijing, attended by President Vladimir Putin. The forum marked the deepening of cooperation between Russia and China with the two nations launching a bilateral yuan fund as reported by Russian Direct Investment Fund.
The Belt and Road Initiative (BRI), a reference to the Silk Road Economic Belt, was launched by China back in 2013. The initiative says that its aim is to enhance "all-around connectivity through infrastructure construction," explore "new driving forces for world economic growth" and build "a new platform for world economic cooperation."