Arctic Resources - Russian Flag Stunt and Canadian Claims

e-glob, Washington (DC) - "A unilateral annexation of the area by Russia is impossible," said Viktor Posyolov of the Russian Institute of Ocean Geology, which has led the Arctic exploration. "We will strictly abide by the UN convention."

Canada - ... There was no dissembling in Mr Harper's speech. "The ongoing discovery of the north's resource riches, coupled with the potential impact of climate change has made the region a growing area of interest and concern," he said.

As the statement implies, two areas of international competition lie behind the Canadian leader's actions. The first is that the Arctic region is rich in natural resources. It is thought to hold up to a quarter of the world's undiscovered reserves of oil and gas, which as the established fields in the Middle East and elsewhere run dry will become increasingly valuable and sought after. There are also known to be significant deposits of diamonds, silver, copper, zinc and potentially uranium, not to mention fish stocks. ▪ Complete articles via International Stuff (see credits)