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Russia will withdraw from the Barents Council/Euro-Arctic region


September, 18 2023
watermark Economic news

Russia has decided to leave the Barents Council/Euro-Arctic region. This was announced by the Russian Foreign Ministry, sending the relevant documents to the foreign ministries of the participating countries.


The Russian Foreign Ministry noted that the Council's activities had actually stopped last year due to the actions of Denmark, Iceland, Norway, Finland, Sweden and the EU. Moreover, the principle of rotation was violated: Finland refused to transfer the leadership to Russia in October 2023.


Under the circumstances, Russia was forced to announce its withdrawal from the Council. On September 18, 2023, Russian Foreign Minister Sergey Lavrov sent a notification of this decision to the Ministries of Foreign Affairs of the member states, the EU High Representative for Foreign Policy and Security and the International Barents Secretariat in Kirkenes (Norway).


The Russian Foreign Ministry claims that the reasons for the collapse of cooperation in the Barents region should be sought from Western countries. Nevertheless, Russia plans to continue implementing its strategic interests in the North and remains open to partnership on equal terms.


Barents Council/The Euro-Arctic Region was founded in 1993 with the participation of Russia, Denmark, Iceland, Norway, Finland, Sweden and the Commission of the European Communities. The main purpose of this structure is to support the sustainable development of the region and expand multidimensional cooperation in various fields, including economics, science, trade and ecology.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.