Moscow: A significant fuel crisis is developing in the European countries given the Russia-Ukraine war. Fuel rates have skyrocketed and warnings are being issued that a country like Germany may face fuel shortages in the next few months. In this scenario, Russia has found a huge fuel reserve in the Arctic region. The Russian company claimed nearly 80 million tonnes of fuel in the newly found Arctic field.
A few days ago, Russian company Rosneft made an announcement in this regard. This reserve was located during exploration in the Medinsko-Varandiski region. The Russian company claimed that inspection showed that oil could be extracted from the reserves at a rate of 220 cubic metres per day. Rosneft said in its published statement that the fuel is of low quality with low sulphur and viscosity.
Moreover, the reserves are located in the Peshoro Sea region. Therefore, this is the biggest reserve located in the Timan-Peshoro province. Fuel reserves have been located even earlier in the region. Leading Russian companies are engaged in oil extraction from the region. Rosneft alone has permits for oil exploration in 28 locations in the Arctic Region. Eight out of these are in the Peshoro Sea region.
It is claimed that the Arctic region has huge gas, oil and other natural resource deposits. Therefore, along with Russia, the United States, Canada, Norway and Denmark are claiming their rights in the region. 
US and Canadian destroyers and ships are deployed in the Arctic region. It was accused a few months ago that Canada has started oil exploration in this region. Russia has also accused the United States and NATO of making military moves in this region.
The Ukraine war has flared up in the last three months. Given this, the international fuel rates have skyrocketed. The United States and Europe are accusing the European countries are facing a fuel crisis because the Russian fuel sector has been cornered. NATO had started military deployments in countries bordering Russia for a conflict against Russia. A few days ago, NATO enrolled Sweden and Finland as members. These NATO actions could pose a threat to the Russian interests in the Arctic region. Russia had warned that the heat of the Ukraine war could reach the Arctic sector.
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