Arctic is not “internationally owned” and the U.N. has no jurisdiction over the area unless and until the U.S. gives up its rights by ratifying the U.N.’s Law of the Sea Treaty.
“In a multinational race to seize the potential riches of the formerly icebound Arctic, being laid bare by global warming, Russia is the early favorite.” So says the Christian Science Monitor. “At stake is an estimated one-quarter of all the world’s untapped hydrocarbon reserves, abundant fisheries, and a freshly opened route that will cut nearly a third off the shipping time from Asia to Europe.”
