Well, they've gone and done it. Russia has planted a flag on the sea floor at the North Pole. It has no legal standing, of course, any more than the American flag planted on the Moon means that we own it. But to Russia, it's more than just symbolism.
The only economic strength that Russia has is its energy resources. It will do anything it can to exploit them, and to grow them. And so I expect some serious wrangling over this territory, and I don't expect it to be pretty.