This week, Russian Prime Minister Vladimir Putin plays host to the warmly entitled conference “The Arctic: Territory of Dialogue,” which will include participation of representatives from the United States, Canada, Norway, Denmark, Finland, Iceland and Sweden, along with scores of other experts and scientists, all together in a meeting which Russia says has been convened in order to “find consensus” over territorial rights and arbitrate disputes.  To help pump up interest in the conference, today Natural Resources Minister Yuri Trutnev boldly announced, “Our sector in the Arctic is estimated to contain up to 100 billions tons of resources,” while foreign bids to develop the Trebs and Titov oil and gas fields (not part of the disputed territories of course) are being examined by the Natural Resources Ministry.

Of course, the part of that statement under dispute is what exactly Trutnev means by “our sector,” as both Canada and Denmark are filing competing claims with Russia before the United Nations with regard to the sovereign rights of the underwater Lomonosov Ridge.  Russia is the one country that seems to be taking the Arctic land grab more seriously than anyone.  There are plans to invest 2 billion rubles in scientific exploration to come up evidence on how far the continental shelf extends, while new stations are being established and military presence asserted.  Perhaps just for fun, Russia sent two fighter jets to buzz a U.S. Navy frigate in Arctic waters, which was on its way back from a visit to Russia where they took part in a “friendly” joint celebration of WWII cooperation.

However the ongoing confrontation between Russia and its Arctic neighbors over territorial claims has changed somewhat in tone in recent months, as high level diplomacy and targeted dealmaking have become more visible than previous submarines and bomber flights – for now.