Talks have reportedly focused on natural resource exploration, trade routes, and energy collaboration

FILE PHOTO: Tourists travels on board the 50 Years of Victory nuclear icebreaker during a voyage to the North Pole, Arctic. © Sputnik / Ilya Timin

Russia and the US have discussed potential economic cooperation in the Arctic as part of recent bilateral contacts, Bloomberg reported on Wednesday, citing sources. The discussions come amid the budding rapprochement between the two nations following a high-level meeting in Saudi Arabia last week.

According to the outlet, discussions have focused on joint projects in natural resource exploration, trade routes, and energy cooperation. A source told Bloomberg that Washington sees Arctic collaboration as a possible way to “drive a wedge” between Moscow and Beijing, its major economic rival. However, the source admitted that such an outcome is unlikely given the deep economic ties between Russia and China.

Neither the US National Security Council nor the Kremlin have commented on the report. However, following last week’s talks in Saudi Arabia, Russia’s special international economic envoy, Kirill Dmitriev, confirmed that the Arctic was “specifically” discussed as a potential area for cooperation.

The Arctic issue may be on the agenda at the next Russia-US meeting in Istanbul, scheduled for Thursday, sources told Bloomberg. Russian Foreign Minister Sergey Lavrov previously announced the upcoming talks, which are expected to focus on restoring the work of both countries’ embassies, which were severely impacted under the previous US administration.

 

READ MORE: Russia and US discussing ‘major’ deals – Putin

The Arctic has drawn increasing global attention due to its vast untapped energy and mineral resources, as well as its strategic trade routes. Russia has been developing its Northern Sea Route (NSR), a transport corridor that runs through its Arctic and Far East regions and serves as the shortest shipping link between Western Eurasia and the Asia-Pacific. Moscow has extensively modernized the route over the past nine years, with significant investment from India and China, which hold stakes in several Arctic energy projects.

Western sanctions imposed on Russia over the Ukraine conflict have disrupted cooperation with NATO states in the region. Nearly a third of the 130 projects initiated under the Arctic Council – a forum that includes Russia, the US, Canada, Norway, Finland, Sweden, Denmark, and Iceland – have been frozen due to suspended collaboration with Moscow.

READ MORE: Moscow calls for joint Russia-US projects in the Arctic

At last week’s talks, Russia and the US agreed to work toward ending the Ukraine conflict and improving diplomatic and economic relations. Following the meeting, both US Secretary of State Marco Rubio and President Donald Trump signaled that Washington could lift sanctions once the conflict is resolved.