Vladimir Putin proposes INSTC route with India amid Hormuz tensions
With the Strait of Hormuz facing ongoing tensions, Russian President Vladimir Putin is suggesting a fresh trade route with India.
The plan centers on the International North-South Transport Corridor (INSTC), which could help both countries avoid disruptions in global oil shipments caused by conflicts involving the US Iran, and Israel.
Russia offers credit to speed INSTC
Putin sees big potential for economic teamwork with India if they use alternative shipping routes together.
He pointed out that about one-fourth of the world's oil passes through Hormuz, so finding another way matters.
While Azerbaijan's part of the INSTC is moving forward, Iran still has work to do; Russia even offered credit to speed things up.
Meanwhile, Russian officials are floating ideas like direct rail links to the Indian Ocean to keep trade steady no matter what happens in these tense regions.