Eastern Economic Forum To Take Up Issue of Arctic Development

Aug. 16—On Sept. 3, the same day that the 80th anniversary of the Victory in the Pacific of World War II will be celebrated in Beijing, China, at which Russian President Vladimir Putin will be the guest of honor, the yearly Eastern Economic Forum will begin in Vladivostok, Russia. Putin is scheduled to deliver the keynote address to the Vladivostok international gathering Sept. 5, which typically focuses on development projects and prospects in the Arctic and eastern Siberia.

As journalist Pepe Escobar explained in a Sputnik article, “that brings us to the Arctic—and serious stuff that will certainly be debated in depth at the upcoming Vladivostok forum. The Arctic holds at least 13% of global undiscovered oil reserves and 30% of undiscovered natural gas. Russia controls at least half of all these reserves.”

Escobar takes note of the possibility of Russian-U.S. cooperation to develop those resources, along with the ones on the American side of the Bering Strait. “One thing is possible massive U.S. investment in joint Arctic projects with Russia. Something entirely different is the U.S. joining the Northern Sea Route (NSR)—which the Chinese call the Arctic Silk Road. The NSR reduces shipping time between Asia and Europe by up to 50%.” Escobar shares the conclusion that, “as it stands, and also considering the multiple ramifications of the hybrid war against BRICS, Alaska carries the potential of offering Washington a way out of the debris of a massive strategic defeat."