North

Russia will pour resources into Arctic, Putin says

President Vladimir Putin says Russia will pour resources into the development of its vast Arctic region for both economic and military reasons.

Russian president says military presence in the Arctic also essential for ensuring nation's security

Russian President Vladimir Putin at the St. Petersburg International Economic Forum on June 2. During a live call-in show Thursday, Putin said the Arctic region will account for an increasing share of energy output and determine the nation's future. (Yuri Kochetkov/EPA)

President Vladimir Putin says Russia will pour resources into the development of its vast Arctic region for both economic and military reasons.

Speaking in a live call-in show Thursday, Putin said the Arctic region will account for an increasing share of energy output and determine the nation's future.

Putin added that a military presence in the Arctic region is also essential for ensuring Russia's security.

The Kremlin has highlighted reaffirming the Russian presence in the Arctic as a top priority amid an intensifying rivalry over the region that is believed to hold up to one-quarter of the planet's undiscovered oil and gas.

Russia, the United States, Canada, Denmark and Norway have all been trying to assert jurisdiction over parts of the Arctic as shrinking polar ice creates new opportunities for exploration.

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