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Norway has announced plans to buy two more submarines and a separate long-range artillery system to help monitor Russian ships in the North Atlantic.
The move came at a significantly higher cost than previous purchases, This is a reflection of the increasing demand for military equipment globally.
This latest submarine order builds on a 2021 agreement for four submarines from Germany’s ThyssenKrupp, which was then valued at 45 billion crowns (£3.4 billion).
The new vessels will also be supplied by ThyssenKrupp’s recently formed marine division, TKMS. The new acquisition is estimated to cost 46 billion crowns, bringing the total cost of Norway’s submarine fleet to close to 100 billion crowns (£7.6 billion).
This increase in price is partly attributed to inflation in the cost of raw materials and defense equipment. TKMS shares rose 1 per cent after the deal was confirmed.
Norway’s increased defense spending is in line with a broader trend among NATO member statesWho are under pressure from US President Donald Trump and They are terrified by Russia’s invasion of Ukraine.
Norway plays a key role as NATO’s monitor for a vast 2 million square kilometer area of the North Atlantic, an area often used by nuclear submarines of Russia’s Northern Fleet.
A major mission of the submarines will be to monitor Russian submarines.It is based on the Kola Peninsula, a region of the Arctic bordering Norway.
“We are seeing Russian forces increasing their activities in the North Atlantic and the Barents Sea,” Defense Minister Tore Sandvik said in a statement.
The first of the six submarines is expected to be delivered in 2029, the ministry said.
Separately, Norway plans to buy long-range missiles for its military, which can reach targets up to 500 km (310 mi) away, for 19 billion crowns.
The war in Ukraine and the intensity of missile attacks have called for Western countries to increase their capabilities.
“It is important that we have a defense capability that can prevent a potential enemy from harming us,” Sandvik said in a statement.