Russia Joins Forces With Scandinavia to Finance Arctic Oil Rush
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Russia, Finland and Norway are in talks to create a fund that will help pay for investments in the Arctic Barents region as part of a plan to gain access to billions of barrels of oil and natural gas.
Talks between nations gathered for the 20th anniversary of the Barents Euro-Arctic Cooperation agreement focused on “how better to use the money or institutions we already have,” Finnish Prime Minister Jyrki Katainen said in an interview today in the Norwegian city of Kirkenes, close to the Russian border. “It could be a kind of common fund, where the money could come from Russia” and lenders such as the European Investment Bank and the Nordic Investment Bank, he said.