Arctic sea ice is melting due to global warming. Although this warming is a threat to the world, the countries around the Arctic will benefit greatly. But Russia may benefit the most from the advantages of being a large country.
The Arctic’s 24,140 km coastline falls within Russia. A large part of the Arctic is owned by Russia. Therefore, Russia will dominate the valuable resources of the Arctic.
However, several European countries have disputes with Russia in the context of the Arctic. Examples are Finland, Norway, and Denmark.
Russia will have full control over the vast oil and gas resources of the Arctic. The country is working to build a special economic zone based on this valuable resource.
The northern countries of the Arctic, especially Russia, will retain control over the region’s precious metals and minerals, excluding oil and gas. Examples include large deposits of nickel, platinum, palladium, and rare earth metals.
The Arctic Ocean is rich in valuable fisheries. Russia’s Arctic coast is home to a diverse range of fisheries. If the Arctic ice melts completely, Russia will enjoy huge wealth.
In the future, the Northern Sea Route may be the main trade route from Europe to the Asia Pacific region. This route is not fully operational yet. It will make business easier, fuel will be saved. Russia will benefit the most here.
Currently, the Northern Sea Route is navigable for six months of the year. Russia currently depends on countries in the Asia-Pacific region for trade. A sea route will be a possibility for Russia in the future. A sea route lies over the Arctic. If this opportunity is used, Russia will be more prosperous in the future.