From Economist.com
THE temperature is rising in the Arctic. As global warming causes the polar ice-caps to melt, natural resources and lucrative shipping routes are becoming more accessible. Russia's jaunty placing of a flag on the seabed near the North Pole was only one of several exploratory expeditions this summer. Norway, Denmark (through its sovereignty over Greenland), Russia, Canada and America could all claim a slice of the region. According to the UN Convention on the Law of the Sea, each country is entitled to a 200 nautical mile (370km) economic zone from its coast, plus any area which it can prove is connected to its own continental shelf.
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