As the world worried about Russia’s blockade of Ukrainian grain exports in the Black Sea in late June, Vladimir Putin had a different trade route on his mind. Addressing leaders of nations that sit on the Caspian Sea, the Russian president spoke of a “truly ambitious project” as the centrepiece of Moscow’s efforts to “improve the transport and logistics architecture of the region”.
For more than two decades, the International North-South Transport Corridor (INSTC) — a 7,200-kilometre (4,474-mile) network of railroads, highways and maritime routes that connects Russia and India through Iran — has been little more than a pipe dream. But this old wine is finally ready to be uncorked by Moscow, Tehran and New Delhi, according to analysts. A rare confluence of geopolitical and economic incentives is turning the route into a potentially vital economic escape pathway for Moscow as tough Western sanctions deny the Kremlin access to European markets.
