After 40 years of dispute, Russia and Norway have finally reached an agreement regarding their Arctic Sea border. The treaty was signed after various talks between Russian President Dmitry Medvedev and Norwegian Prime Minister Jens Stoltenber. It will soon be submitted to each country's parliament for approval. Throughout the dispute, oil and gas exploration had been prohibited in the area. These searches can now resume with the signing and ratification of the treaty. It is estimated that the treaty may be ratified in a matter of months. If found, these reserves could potentially be worth billions of dollars.
http://www.bbc.co.uk/news/business-11316430
Posted by: Meghan Steinbeiss
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