Reported about 1 year ago
The Norwegian government canceled the sale of the last privately owned piece of land in the Svalbard archipelago to prevent it from being acquired by China. The remote land, located in Sore Fagerfjord, spans about 60 square kilometers and consists of mountains, plains, and glaciers. Svalbard, situated between Norway and the Arctic, has become a geopolitical and economic hotspot due to melting ice caps and strained relationships between Russia and the West. Norway, upholding its sovereignty, halted the sale under national security law, as the Arctic territory faces growing interest from China and Russia, along with other signatory countries, for mineral extraction rights. The potential Chinese interest has raised concerns about foreign ownership in the region.
Source: YAHOO