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As per the Bloomberg reportThe Suez Canal blockage may be costing $400 million per hour. The report estimates that the Canal sees westbound traffic worth around $5.1 billion a day and eastbound traffic worth approximately $4.5 billion. With around 200 vessels waiting to cross.
However, now Russia has an alternative route in mind. Tongue firmly in their cheeks, the Russia’s nuclear agency Rosatom took to Twitter suggesting an “alternative” route. The handle created a multi-point list of “reasons to consider Northern Sea Route as a viable alternative to the Suez Canal Route”.
Russian President Vladimir Putin has long pushed for greater traffic along the Arctic shipping route, with the nation undertaking several measures for it’s development. The entire route lies in Arctic waters within Russia’s exclusive economic zone. Now, with the Suez Canal blocked, the Russian organisation lost no time in reacting.
