Who's winning the race for the Arctic's resources?

Arctic ice is melting fast, giving way to new and shorter shipping routes. Underneath that ice, there are billions of dollars worth of oil, gas and critical minerals. The scramble to control those resources has begun and Russia is in a prime position to exploit the region. President Vladimir Putin has recently warned of intensifying geopolitical competition there. This, after US President Donald Trump stepped up his threats to annex Greenland. However, Putin says he's ready to cooperate with the West in economic ventures there that will benefit all sides. Could Europe return to Russian energy?