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The chapter considers the significance of the oil and gas industry for the Russian economy. The authors analyze the current state of the oil and gas industry, their specific weight in the structure of Russian GDP, and tax revenues from this industry to the Russian budget that was estimated. We give scenario analysis that considers the problems that the Russian economy may face because of the sanctions, the price fluctuations at the commodity market, and the crisis phenomena in the world economy. The chapter points out that localization of technology production and development of technologies for offshore oil and gas production in the Arctic zone may become an incentive to further ensure import substitution for Russia. At present, the experience of Arctic defense enterprises in the production of equipment for oil and gas production and processing is becoming increasingly popular. The chapter elaborates the most significant examples of the creation of new industries in the Arctic zone, the prospects of seismic exploration on the Arctic shelf, and that localization of production capacities and service bases will allow obtaining a multiplicative incentive for a qualitatively new industrial and infrastructure development of the northern territories. Also, we provide an assessment of the development of liquefied natural gas (LNG) industry, which makes economically attractive use of natural gas on a regional level as LNG opens the way to fuel high-power needs and to long-distance transport.

The Need for Future‐Oriented Research and Information. Intranational and international crises and conflicts will increase sharply during the next several decades unless we manage socioeconomic development competently. Crises within nation‐states will lead to and spill over into conflicts between nations as the resources needed to cope with domestic situations are sought elsewhere in a highly competitive international market. Human resources and natural resources are not distributed equally; some of the most developed countries are poor in resources and some of the least developed are rich in natural resources. Similarly, population densities and growth rates are unevenly distributed, with population pressures emanating from the less developed nations, and technologic‐economic pressures coming from the more developed ones. In the world as a whole, population growth will outrun resource availability if current growth rates and rates of resource exploitation and use are maintained. Should present trends continue unchanged, major crises could precipitate worldwide conflicts within the next decade or two.

This paper aims to deepen our understanding on circumpolar current dynamics relating to oil and gas exploitation and the role of nations in the polar development process. Additionally, it is fundamental to raise the debate about the energy development in the Arctic and the fact that the exploration of oil and gas resources in the Arctic cannot be performed with the current governance regime, policies and legal framework. Arctic-specific natural ecosystems, the presence of indigenous communities and the commercial interest in the region will require an innovative model of development based on the highest level of responsible exploitation, diplomacy, regulation and policy-making.

This is an unexplored subject but the paper uses a review of past and recent literature, outcomes of recent “petit comités” with some of the involved parties, as a vehicle to discuss possible new approaches and paths for the future development of an innovative model of environmental governance relating to energy development in the Arctic region.

This paper demonstrates the necessity of improving the current governance patterns, as the author believes that energy development will have both positive and negative impacts on micro and macro levels. The first relevant contribution of these operations in the Arctic, undoubtedly, is the benefit for energy security levels at a global platform; however, the framework built up in terms of new legal cooperation agreements, policy-making and technological innovation in different areas will define the new Arctic citizenship as well as the Arctic’s geopolitics, and, consequently, the region’s destiny.

This is an unexplored subject, as it is an unexplored region. New literature about the region dynamics is being developed, as new licensing process is ongoing, and there are more questions than answers about open space for reflection and decision-making. Important data have not been published or shared in “petit comités” due to strategic interests and confidentiality reasons.

The major drivers of change could be described as energy security, climate change and transportation that will have a huge direct impact in the region under social, economic and environmental perspectives. The core practical implication of this reflection is the energy development model for the Arctic region.

How the Arctic’s energy resources will contribute to the global energy mix in the decades to come and the impacts of the governance regime to Arctic and non-Arctic societies is the first relevant question. Another fundamental aspect with huge social implications is how the climate changes will impact the Arctic environment and societies. These are themes that deserve more study and deeper analysis.

The paper provides a deep reflection of the challenges and future trends involving the new frontiers of the world energy exploration. Multidisciplinary dialogue and research on all aspects of offshore oil and gas development will require a shift in the current conceptual view of the Arctic as well as in the multilateral efforts to negotiate and design an efficient Arctic governance regime that goes beyond the setting of new standards of spill prevention, preparedness and safety, but a regime that congregates the Arctic and Non-Arctic nations’ experience, workforce and leadership.

The purpose of this paper is to study the impact of bank financing on innovative development of Russian circumpolar area and identifying the barriers to its development.

Using the abstract-logical method and a set of methods of economic, statistical and econometric analysis (panel data analysis) the authors examine the role of financial intermediaries in innovative development of Russia and Russian arctic regions.

The key financial intermediaries in the Russian economy have historically been the banks, which are, at the same time, as it follows from the analysis above, inertly participating in the innovative development financing in the Russian circumpolar regions. Assessment of the potential intensification of the role of banks in the innovative ecosystems has shown that, despite the development of institutional conditions of banks’ resource base compounding and the development of funding, high risks of innovation, multiplying in a volatile external environment, prevent the inflow of bank capital into the innovation sector.

Main limitation is the inability of panel data to capture long-term impacts of bank financing on innovative development of Russian circumpolar area.

The results suggest that the intensification of the banks’ participation in financing innovation and overcoming the existing challenges will enable to stimulate the process of innovation development of the circumpolar zone in Russia.

There is no study evaluating the impact of bank financing on innovative development of Russian arctic regions.