Thread by @FinancialTimes

Climate change is rapidly altering a vital shipping route in the Arctic — and Russia is spending billions to take advantage of it.

Here’s a thread on what’s happening and why other global powers are scrambling to keep up: ft.com/content/2fa827…

For thousands of years, the stretch of water circling the Northern Sea Route remained firmly ice-bound. But shrinking ice caps fuelled by climate change have turned what used to be frozen into a hotbed for conflict among world powers. ft.com/content/2fa827…

Here’s why that’s a big deal: the route is around 10-15 days faster than traditional routes. The colossal hydrocarbon reserves that lie beneath it could upend energy markets. For those reasons and more, it's a strategic goldmine for global powers. ft.com/content/2fa827…

While dozens of countries have begun staking claims to the route's riches, none have been as proactive as Russia — and others are struggling to keep pace. Vladimir Putin has said one-tenth of all of Russia’s economic investments are in the Arctic region. ft.com/content/2fa827…

Right now, Russia has almost complete coverage of the entire coastline and its adjacent waters, having built or upgraded seven military bases along the route since 2013. ft.com/content/2fa827…

The message here is clear:

If you want to sail through the Arctic and travel to and from Asia faster, or have designs on the oil and gas assets beneath the sea, you will be under Russian oversight. ft.com/content/2fa827…

Russia’s authority over the route could increase. In anticipation of a shipping boom, the country has pushed through legislation to increase its control, which includes giving its state-owned nuclear power conglomerate a monopoly over managing access. ft.com/content/2fa827…

Read more about the major shipping route Russia is spending billions to dominate — and why the soured relationship between Moscow and the west has only complicated things: ft.com/content/2fa827…