THE END OF THE “ICE-COLD WAR” IN THE ARCTIC – CHALLENGES IN INTERNATIONAL ECONOMIC LAW

As a result of climate change, the Arctic region is undergoing dramatic transformation due to melting, which creates new challenges for international economic law. The Arctic coastal states began having maritime boundary disputes concerning the interpretation of limits of their exclusive economic zones beyond 200 nautical miles to cover the extended continental shelf. Thus, they would extend their sovereign rights over the natural resources of the sea floor causing an “ice-cold war” in the zone. After an analysis of the Arctic legal governance, as well as of its economic activities like scientific research, energetic and fishing exploitation and shipping, it can be stated that a continental shelf race will not take place because of economic and security interests of states in the region, which can be solved efficiently on a basis of international cooperation