A Russian naval ship is back in the hunt after an engine blew, slowing down their quest to claim the rich stores of oil and natural gas below the Arctic seas. Russia's claim is based on geographically demonstrating that the North Sea's rich energy fields are an extension of its territory.
Manifest Destiny, Russian-style, reaches for the North Pole - a new potential battlefield. The cost of mining the abundant resources is currently secondary to ensuring that the claim to ownership is in the right hands. Canada is calling this a stunt while Russia is scouring for ice breaking ships.
The United Nations will be the first recipient of claim, counter-claims and international border disputes. An ability to resolve issues peacefully are not part of the UN's recent track record. The UN's Security Council features Russia and the USA as part of its five permanent Security Council members with the ability to veto or block the other's wishes and claims. Both nations are dependent on fossil fuels to propel their economies and military industrial complexes. Currently President Bush can no longer creepily claim to look into President Putin's eyes and "know" his soul.
This is The Hunt for Red October updated for the 21st century with all sides armed to the teeth.