Russia renews claim to five billion tons of hydrocarbons under Arctic Shelf

Russia will today  submit a revised application to the United Nations  for permission to expand its borders within the Arctic Shelf. The application will be formerly  presented to the 40th session of the Commission on the Limits of the Continental Shelf (CLCS)  by Russian Minister of Natural Resources and Ecology Sergey Donskoy.
This is the third time Russia has staked a claimed to an area which is estimated to hold a quarter of the planet’s undiscovered oil and gas. Rivalry between the  US, Denmark, Canada, Norway and Russia over Arctic resources has intensified as  the shrinking polar icecap opens up new opportunities for exploration.
The United Nations Convention on the Law of the Sea allows a country to expand its sovereignty if the seabed beyond its borders represents a natural continuation of the continent and in 2001 Russia’s original claim was rejected on the grounds of lack of evidence to substantiate it. 
In March 2014 the commission recognised Russia’s claims to a 50,000 km² section of the  Sea of Okhotsk, and last summer Moscow staked a further claim on the Lomonosov and Mendeleev Ridges as well as the Gakkel Ridge and the North Pole. Conservative estimates put the area’s hydrocarbon reserves at five billion tons. 

Source: ITAR-TASS