Peninsula in Russian region (not south) (6)

I believe the answer is:

iberia

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'peninsula' is the definition.
(Iberia is an example)

I don't understand the remainder of the clue.

(Other definitions for iberia that I've seen before include "Peninsula encompasing Spain and Protugal" , "It comprises Spain and Portugal" , "SW European peninsula" , "Spain and Portugal - airline" , "Mediterranean peninsula" .)

I've seen this clue in The Times.

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