You want a piece of me?
05 July 2024
Major countries like the US and Russia have vast territory in the Arctic, and for years China has been looking to claim a piece of the cake for themselves. Søre Fagerfjord, the only piece of privately owned land on the Arctic Svalbard archipelago – Norway's most northern territory – is up for sale. However, this week, the Norwegian state has blocked the only buyer willing to pay the high price – €300 million – from buying it. They did this using an unconventional method to prevent China or Chinese investors from getting their hands on the 60 square kilometre area. They cited the articles of the "Security Act" to prevent a purchase going against national security interests. The sale would then require the consent from the state.
However, consent is usually not required when selling private property on Svalbard. This would be bending the rules of the Svalbard Treaty, a unique legal framework governing Svalbard since 1920 allowing citizens of signatory countries, including Russia and China, to exploit its resources. According to the treaty, China should in principle be able to buy land.
 | Daniela De Lorenzo The Norwegian company who owns the location cannot appeal the government's decision to halt the sale, but they can bring it before the court. Some legal experts say the halting could de facto be found illegal, breaching the Svalbard Treaty. But Norway's action reflects a broader effort to maintain control over the region amidst international interest and geopolitical competition. Chinese ownership of land would disrupt regional stability, and pose security risks, especially given the increased tension between Arctic nations and China's growing ambitions in the Arctic - and collaboration with Russia. The fact that Søre Fagerfjord has no economic value – with mountains, plains, and a glacier, but no rare minerals – shows how China is eager to acquire the location for the sole purpose to get a foot in the Arctic. China has also previously tried to acquire other properties in Greenland, part of the Kingdom of Denmark. |
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