MOSCOW (Commodity Online) : Defending its claims over developing hydrocarbon fields in the Arctic region, Russia said it is committed to develop mineral riches of the Arctic in increasing competition with other powers.

Speaking at presidential Security Council meeting here Russian President Dmitry Medvedev said, ''Restrictions on Russia's access to the development of hydrocarbon fields in the Arctic, which accounts for over 25 per cent of global oil and gas reserves, is unacceptable”.



''Unfortunately, attempts are being made by other nations near the Arctic to limit Russia's access to the development and mining of Arctic deposits, which is, of course, unacceptable from a legal point of view, as well as unfair considering our country's geographical position and history,'' he said.

He stressed that ''polar countries are taking active steps to expand their economic and even military presence in the Arctic zone.''

Arctic territories have been at the center of geopolitical wrangling between the United States, Russia, Canada, Norway, and Denmark as rising temperatures lead to a reduction in sea ice and make hydrocarbon deposits under the Arctic Ocean increasingly accessible.

Medvedev said global climate changes will likely fuel arguments between nations seeking access to energy and other resources.

Under international law, each of the five Arctic Circle countries has a 322 km exclusive economic zone in the Arctic Ocean.

However, under the United Nations Convention on the Law of the Sea, if a country can show its continental shelf extends beyond the 200 mile limit, it can claim a right to more of the ocean floor.

Russia has undertaken two Arctic expeditions - to the Mendeleyev underwater chain in 2005 and to the Lomonosov Ridge in the summer of 2007- to support its territorial claims in the region.

It first claimed the territory in 2001, but the United Nations demanded more conclusive evidence.

Russia has said it will invest some 50 million dollar in defining the extent of its continental shelf in the Arctic this year.

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