Russia has filed claim with the United Nations for 463,000 square miles of of the Arctic Ocean, including the North Pole, according to reports.
The territory contains some of the world's largest untapped reserves of fossil fuels, as well as valuable minerals, reports CNBC
Russia's claim is filed under the 1982 U.N. Convention on the Law of the Sea, which establishes the rights to exclusive economic zones beyond a nation's borders.
The convention allows for a 200-mile zone from recognized borders, except where a country can demonstrate that the continental shelf on which it sits actually extends farther then 200 miles. In such cases, the law recognizes a 350-mile limit.
The U.N. rebuffed a similar effort by Russia in 2002.
If the U.N. accepts Russia's petition this time, it would give the government of President Vladimir Putin oversight of the the waters on economic matters, including fishing and oil
and gas drilling, though will not have full sovereignty, The New York Times
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