Eric Posner has a brief primer on the Law of the Sea issues relating to ownership of the North Pole. It seems the North Pole lies above the underwater Lomonosov Ridge, which extends from the north of Russia to Greenland and Canada. On one interpretation, this amounts to a continental shelf for all 3 countries, and the Law of the Sea provides no rule for shared continental shelves.
Posner makes the plausible assertion that the Russian position will prevail by force of arms unless the NATO countries can get their act together.
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