Financial Times FT.com

Climate Change Series

Frozen assets

By Carola Hoyos

Published: December 1 2008 14:32 | Last updated: December 1 2008 14:32

In early August 2007, a group of Russian explorers and scientists in two miniature submarines descended 4km through the Arctic’s icy waters and planted the country’s tricoloured flag on the seabed directly below the North Pole.

In so doing, they set off what diplomats and environmentalists fear could become a race between nations to develop the vast oil and gas riches of a once impenetrable frontier.

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