Euronews | May 29, 2008

Five countries around the Arctic rim have agreed to let the United Nations decide their conflicting territorial claims over the region’s seabed.

The current rules aim to fix borders on a clear geological basis, but have created a tangle of overlapping claims on the seabed, which may hold up to a quarter of the world’s undiscovered hydrocarbon reserves.

The issue was important enough to bring Russia’s Foreign Minister Sergei Lavrov to a remote corner of Greenland for the two day sovereignty summit.

Ministers from Canada, Denmark, Norway and the United States were also present.

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