Russia is planning to establish a special group of military force to protect its interests in the disputed Arctic region.
This was announced as a part of the government's policy for the Arctic earlier this week and reported by Russian media on Friday.
In a document published on its website, Russia's presidential Security Council says it expects the Arctic to become its main resource base for oil and gas by 2020.
The move to protect its assets in the resource-rich frigid region is expected to add tension to the already disputed claims to assert jurisdiction over the Arctic by Russia, the United States, Canada and other northern countries, whom have an Arctic coastline.
The warmer temperatures, which melt the polar ice, are making access to the Arctic easier and opening up new shipping lanes.
It is estimated that around 90 billion barrels of oil remain untapped in the Arctic region.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.