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About: Arctic resources race     Goto   Sponge   NotDistinct   Permalink

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The Arctic resources race is the competition between global entities for newly available natural resources of the Arctic. Under the United Nations Convention of the Law of the Sea, five nations have the legal right to exploit the Arctic's natural resources within their exclusive economic zones: Canada, Russia, Denmark, Norway, and the United States (though the U.S. has yet to ratify the treaty, it considers the treaty to be customary international law and abides by it).