Russian President Dmitri Medvedev signed Barents Sea agreement

The ratification marks an end to a process that has been running since 1970 on how to split a 175 000 square kilometers large area at sea. The agreement splits the area in two parts of almost the same size.

The conclusion of the agreement was first announced during President Dmitri Medvedev's state visit to Oslo in April last year. The agreement was signed by the two countries Foreign Ministers in Murmansk on September 15th.

Russia's State Duma ratified the agreement on March 25 and the Federation Council, Russia's upper house of parliament, did the same five days later.

The new borderline will become law 30 days after Medvedev signs it and the two countries formally exchange documents. Norway's parliament Stortinget ratified the agreement on February 8. The agreement establishes principles for cooperation on fisheries, based on a continuation of the well established mechanisms for joint regulation of fishing in the Barents Sea.

The agreement also states principles for cooperation on exploitation of oil and gas resources in the area. Oil and gas fields crossing the border can only be developed with the other country's approval.