Norway and Russia have finally settled the drawn-out dispute over the maritime borders between the two countries in the Barents Sea and Arctic Ocean – the boundaries have now been agreed on. The agreement also contains specific directions on how to manage oil and gas deposits stretching across the boundaries.
The agreement, signed by the Norwegian Foreign Minister Erik Solheim and his Russian counterpart Sergej Lavrov, must be approved by the Norwegian parliament Strotinget and the Russian State Duma before goes into effect.