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Russia has decided to bring a considerable part of Arctic Ocean under its personal domain. In a statement, Russian President Dmitry Medvedev revealed that inclusion of portion of Arctic Ocean which lies near the northern border of Russia will turn the Arctic into the resource base of 21st century Russia. Meanwhile, reports say that the portion of Arctic Ocean which Russia is claiming is full of natural resources. It is estimated that the Arctic shelf contains about 25 per cent of world's shelf hydro-carbon resources.
Moreover, Russia procures one-sixth of its total yearly fish production from this region. The Arctic region also has the shortest sea route from Europe to America. Surveys also claimed that the region has abundance of resources that can of great use to mankind. With so much of specialty, the region is bound to become a bone of contention.
Russia has always claimed the vast triangle of 1.2 million sq km between the North Pole at its top and Russia's shoreline as its own territory. But according to the UN Convention on the Law of the Sea, the whole part of Arctic claimed by Russia can not be accredited to Russia alone. All the five countries including the US, Canada, Denmark, Norway and Russia will be provided a 322 km economic zone in the Arctic Ocean.
