The Economic Status of the North Pole

The economic status of the North Pole is currently a subject of intense competition among multiple countries, including Russia, the United States, Sweden, Norway, Iceland, Finland, Denmark, and Canada. The United Nations Convention on the Laws of the Sea, ratified by most of these nations, determines the legal terms in the Arctic region. However, there are overlapping territorial claims, notably with Russia having a prior claim to the North Pole and the Normonosov Ridge. The hope is that the North Pole could be declared Santa Land, to resolve the ongoing territorial disputes.