Sustainable development of the Arctic is only possible with the participation of all the member states of the Barents Euro-Arctic Council (BEAC), Russian Foreign Minister Sergei Lavrov said at a ministerial session of BEAC, TASS news agency reports.

"It's good that we have common goals — to facilitate the stable development of the northern territories, improve living standards and develop environmental resources without causing any damage to nature in the Arctic. All of this can only happen with the participation of all the members of BEAC," said Lavrov.

"Today's discussion proved that our cooperation in the north of Europe has very good prospects. Our activities bear a pragmatic, practical character that allows us to progress in different areas of our interaction," added Lavrov.

The Foreign Minister passed the symbol of BEAC chairmanship to Foreign Minister of Sweden Margot Wallstrom, and wished her success as council head.

The Barents Euro-Arctic Council was established as a regional cooperation forum in 1993. The permanent members included Denmark, Iceland, Norway, Russia, Finland and Sweden, and the European Commission. At the meeting in Arkhangelsk, BEAC chairmanship was transferred from Russia to Sweden.