Russia’s Arctic policy since 2008 has been influenced by two competing foreign policy lines (discourses): the “Arctic as a resource base” and the “sovereignty discourse”. The “Arctic as a resource base” has been the dominant one since the first Russian Arctic Strategy in 2008. It is primarily about exploiting the vast oil and gas resources estimated to be located there, as well as turn the Northern Sea Route into a “global transport corridor”. In Russia’s Arctic Strategy of 2020, however, there is enhanced emphasis on sovereignty and power balancing in Russian Arctic policy. And the focus on sovereignty was heightened with the amendments to Russia’s Arctic Strategy in March 2023. This increased emphasis on sovereignty, territorial defence and balance of power in Russian Arctic policy is likely to be further reinforced by the growing great-power competition between the USA and Russia, which has gained new momentum following Russia’s invasion of Ukraine in 2022.