Russia needs to explore the possibility of creating a railway route to the Indian Ocean to reduce risks associated with the Bosphorus and Strait of Hormuz, Russian Deputy Prime Minister Marat Khusnullin said in an interview with TASS.
He said alternative routes could pass through Turkmenistan, Iran, Afghanistan and Pakistan, adding that any options providing access to India would be acceptable.
Hormuz Risks Raise Shipping Concerns
The proposal comes amid problems with shipping through the Strait of Hormuz following the conflict between the US and Iran.
On February 28, the US and Israel initiated a war against Iran, with major Iranian cities, including Tehran, coming under attack.
The Islamic Revolutionary Guard Corps (IRGC), an elite branch of Iran’s armed forces, announced a large-scale retaliatory operation targeting Israel and US military facilities in Bahrain, Jordan, Iraq, Qatar, Kuwait, the UAE and Saudi Arabia.
Iran Blocks Strait For Certain Vessels
Iranian authorities have also decided to block the Strait of Hormuz to vessels linked to the United States, Israel and countries that supported what Iran described as aggression against the Islamic Republic.
Around 25% of global oil trade and about 20% of LNG shipments transit through the Strait of Hormuz.
Russia Seeks Long-Term Construction Financing
Khusnullin also said Russia’s construction industry needs long-term financing.
According to the Russian deputy prime minister, the construction sector is already capable of handling an additional one trillion rubles annually.
However, he said that securing such financing for the next five years would allow the industry to expand its capacity and undertake even more construction.