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How can they monetize that?

How can't they monetize it? Shipping through the Artic HAS to go through Russia - it's even worse to try to sail from the Pacific around Russia to the Atlantic. All of those goods would have to be rail-shipped north through Russia to their Arctic ports, then shipped on the boats east.

Even if India or someone tried to sail to the Pacific to go around Russia (waaay longer than just going around Africa), Russia could easily charge passage through their waters, as their icebreakers would be the only possible path through, and you can bet they won't stay only in international waters.