Russia's Ministry of Foreign Affairs on Aug. 4 announced they have submitted a revised bid claiming over 350 nautical miles of Arctic sea shelf to the UN Commission on the Limits of the Continental Shelf (CLCS). The country's previous bids in 2001 were rejected for lack of evidence. Under Article 76 of the UN Convention on the Law of the Sea (PDF), Russia now argues it has a right to extend its control up to 350 nautical miles. Canada, Norway, Denmark and the US are also attempting to claim territories in the Arctic. The sea shelf is believed to hold a large amount of oil and gas which Russia estimates could be worth up to $30 trillion.