http://www.businessinsider.com/putin-makes-huge-move-to-reassert-claims-on-arctic-resource-rich-no-mans-land-2010-3?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+greensheet+%28Green+Sheet%29&utm_content=Google+Reader

Russia Makes Huge Push To Reassert Claims On Arctic Resource-Rich No Man's Land
from Green Sheet by Vincent Fernando, CFA

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.

RigZone:

"There has been much ado around the Arctic region. You know how the (Russian) flag was erected (on the seabed) and how negatively our neighbors 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.

Join the conversation about this story »

See Also:

* The New European Gas Pipeline That's Threatening To Whack Putin At The Knees
* Roubini: What Russia Needs Is A Good Crisis, So It Can Fix Itself
* Mid-Day Market Recap: Equities Fall Harder After Dodd's Speech