Russia Makes Huge Push To Reassert Claims On Arctic Resource-Rich No Man's Land

Old Russian Lady

If you remember, back in 2007 Russia sent a mini submarine to plant a flag on the sea floor at the North Pole.

Now, despite sharp opposition from nations such as Norway, Canada, and the U.S., Russia is moving to consolidate this early land-grab.


“There has been much ado around the Arctic region. You know how the (Russian) flag was erected (on the seabed) and how negatively our neighbours reacted to this,” Putin told members of the Russian Geographic Society. “Nobody has ever stopped them from erecting their own flags. Let them do it. But we work under the rules established by the United Nations and in line with international maritime laws.”

Why the international interest all of a sudden? The area in question is suspected to be rich in natural resources.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at