This file photo taken on May 4, 2022 shows a view of mountains near Longyearbyen, located on Spitsbergen island, in Svalbard Archipelago, northern Norway. The Norwegian government called off today a plan to sell the last privately owned piece of land on the strategic Arctic archipelago of Svalbard in order to prevent its acquisition by China.
The archipelago is located halfway between mainland Norway and the North Pole, in an Arctic region that has become a geopolitical and economic hotspot as the ice melts and relations grow ever frostier between Russia and the West.A treaty signed in 1920 recognises Norwegian sovereignty over the territory but it also gives citizens of the signatory powers — which include Russia and China — the same rights to exploit its mineral resources.
Yet Norway, keen to protect its sovereignty, would not look kindly on the property falling into foreign hands, and the government said Monday a potential sale will require state approval under national security law.“The current owners of Sore Fagerfjord... are open to selling to actors that could challenge Norwegian legislation in Svalbard,” Trade and Industry Minister Cecilie Myrseth said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: staronline - 🏆 4. / 75 Read more »