A peace treaty concluded on 12 August 1323 between the kingdom of Sweden and the republic of Novgorod.
The treaty ended a series of attacks on Novgorodian territory from Swedish Finland that are sometimes collectively referred to as the Third Swedish Crusade. The Novgorodi- ans agreed to peace after they had stopped the Swedes’ advance but proved unable to conquer their fortress at Viborg (mod. Vyborg, Russia). The treaty was concluded at the fortress of Orekhovets, called Noteborg by the Swedes (mod. Shlissel’burg, Russia), which had been built by the Novgorodians in 1322 on an island that blocked the entrance to Lake Ladoga from the river Neva.
The treaty established for the first time the border between Swedish and Novgorodian territory on the Karelian Isthmus, dividing Karelia into a western part, which was integrated into Sweden, and an eastern part, in which the old center of Kexholm remained under the rule of Novgorod. In 1337 an uprising in Kexholm sparked off a new Swedish- Novgorodian war, which ended in 1339 without territorial changes. In 1347 Magnus II Eriksson, king of Sweden, launched a new crusade against Novgorod. The Swedes managed to conquer Noteborg, but when Magnus failed to take Kexholm and again lost Noteborg in 1349, the treaty was renewed in 1351 and remained in force until 1595.