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Russia submits claim to vast amount of Arctic territories at the UN
Russia's Foreign Ministry confirmed Tuesday that it had submitted a bid for vast Arctic territories that could contain large quantities of oil and gas to the United Nations.
The ministry said in a statement that Moscow was claiming over 463,000 square miles of Artic sea shelf extending more than 350 nautical miles from the shore.
The Arctic is believed to hold up to 25 percent of the planet's untapped oil and gas supplies, and Russia, the U.S., Canada, Denmark and Norway have all been trying to assert jurisdiction over parts of the territory. The competition has intensified in recent years as shrinking polar ice is opening new opportunities for exploration.