“There is no race for the Arctic – in fact, if anything, the opposite is true,” Kim Traavik, Norway’s ambassador to the UK said, arguing that the region – which is far from homogenous – encompasses a group of countries “that try to facilitate an opening up of the region in a prudent way”.

Traavik continued at the summit organised by The Economist: “After all, it is in our enlightened self-interest to avoid a free-for-all - to avoid a race for riches.

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