Law on ratification of treaty between Russia and Norway on maritime delimitation
Dmitry Medvedev signed Federal Law On Ratification of the Treaty between the Russian Federation and the Kingdom of Norway on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean, reports www.megafishnet.com with reference to Kremlin.ru.
The Treaty was signed in Murmansk on September 15, 2010.
The Treaty concluded the delimitation process launched in 1970 in respect of the disputed maritime area of 175,000 square kilometres. Article 1 of the Treaty defines the maritime borders that divide the disputed area into two roughly equal parts.
The Treaty stipulates the conditions for fishing cooperation, providing for the retention of the mechanism to jointly regulate fishing in the Barents Sea.
The Treaty also defines the principles of cooperation in hydrocarbons deposits exploration. A deposit which is crossed by the maritime border may only be exploited as a whole subject to a bilateral agreement.
The Treaty serves the interests of the Russian Federation. Clarifying the limits of the sovereignty, the sovereign rights and jurisdiction of both states will promote stability and predictability of Russo-Norwegian relations and foster conditions favourable to extending mutual cooperation.