The European Union is seeking an international ban on tapping new oil, coal and gas in the resource-rich Arctic.

Only weeks ahead of the climate summit in Glasgow, when world leaders are expected to agree on actions to halt the climate crisis, the EU is trying to avoid the situation worsening in a region that has already been affected by warming temperatures.

"Coal, gas and oil must remain underground in this region," the EU's environment commissioner Virginijus Sinkevicius told journalists. 

The European Commission is seeking international agreement on a ban that would not only halt the exploitation of fossil fuels in the Arctic, but also the sale of such products "if they were to be produced."

Access to the Arctic and its resources is currently being facilitated by the climate crisis, with rising temperatures causing the ice to melt to unprecedented levels.

Compared with the rest of the planet, the Arctic has been warming three times as fast, with dire consequences on the equilibrium of its environment.

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It has been estimated that there are 90bn barrels of undiscovered oil, 1,670 trillion cubic feet of natural gas and 44bn barrels of natural gas liquids in the Arctic.

In the increased competition surrounding the Arctic, the EU has very little leverage to influence the fate of the region.

It is only an observer and not a member of the Arctic Council, the intergovernmental forum of the states that have territory in the region, although EU member states Denmark, Finland and Sweden are.

Other members include Canada, Iceland, Norway, Russia, the U.S. and six indigenous organizations.

But the EU believes its full engagement in the region is now "a geopolitical necessity" in order to keep stability in the Arctic.

"Europe must define its geopolitical interests broadly to promote stability, safety and peaceful cooperation in the Arctic," EU foreign policy chief Josep Borrell said.

Russia is a major player in the Arctic - its coastline accounts for 53 percent of Arctic Ocean coastline. 

Russia's President Vladimir Putin said Moscow would eventually benefit even if the EU's bid to stop the exploitation of the region was adopted, because of rising gas prices.

"If such decisions lead to a certain price volatility, [Russia's economy] wouldn't suffer that much. That's because we will reduce production, but will get the prices we wanted," Putin told an energy conference in Moscow.

The EU currently imports substantial amounts of Arctic oil and gas, including 87 percent of the liquefied natural gas produced in the Russian Arctic, according to EU figures.

It also contributes to Arctic warming through an 8 percent share in global greenhouse gas emissions.