Large amounts of private land in the Svalbard Archipelago, Norway, may soon be sold for about 300 million euros ($330 million), but the deal has raised concerns about national security in Oslo.
Known as Søre Fagerfjord, the property covers approximately 60 square kilometers (23 square miles) and is the last private land in Svalbardshire.
A group of international and Norwegian investors have offered to buy land, but Norwegian officials are concerned that this could make foreign powers a strategic foothold in the sensitive Arctic.
The land is about 60 kilometers (37 miles) from the main town of Longyearbyen and has been in Norway's hands for more than a century. It has been on sale last year and the government has quickly made it clear that any sales must be cleared ahead of time due to the safety laws.
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Snow covered mountains near Kings Bay Research Station in Spitsbergen Island, Norway, April 10, 2015. (Jens Büttner/Picture Alliance by Getty Images)
One of the sellers even called it a "strategic foothold" in the "High Arctic", which only attracted people's attention.
As melted sea ice opened up new transport routes and increased global interest in the region, the Svalbards became increasingly important.
Norwegian finance minister said Putin needed to be convinced that failure in Ukraine was inevitable.
White rainbow on the Arctic sea in Svalbard, Norway. (via Getty image via Arterra/Universal Images group)
Buyers describe themselves as environmentalists in NATO countries who want to protect their land.
"The consortium includes Norwegian and international investors who have a long-term view of protecting the territory from environmental changes," said Birgit Liodden, a shareholder and climate activist.
She added that about half of the money for sale will be spent on environmental projects in Svalbard. So far, the group has not discussed the sale with the Norwegian government.
In the area around Nordenskjøld National Park in Svalbard, a lonely northern bear appeared on the rocks where a glacier stood ten years ago. (Mark Fitzsimmons, Sony World Photography Awards 2023)
Still, Norwegian officials were cautious. In 2024, they blocked similar attempts from Chinese investors. Trade Minister Cecilie Myrseth warned at the time that such actions could undermine regional stability and threaten national interests.
Svalbard is governed by the 1920 treaty, which grants equal rights to more than 40 countries, including Russia, China and the United States, where they live and conduct business.
Russia operates settlements on the islands, and he accused Norway of violating the treaty by increasing its military presence, which Norway denies.
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The seller's lawyer, according to Kyllingstad, said the buyer only wants to protect nature and should not prevent the sale.