Тhe problems of valuation of ecosystem services in connection with the activation of economic activity of the Russian Federation in the Arctic zone are discussed. The types of negative impacts on the Arctic ecosystems and their assessment, investment risks existing in ecosystem services are considered. It is shown that the application of the methodology and apparatus of ecosystem services contributes to the adequate assessment and creation of a hierarchical classification of "usefulness" and "benefits" that society can get from the existence, use and non-use of ecosystems. The concept of ecosystem services in relation to Arctic consists of three components: identification, monetization and ecological risk assessment. The example of the Arctic ecosystems shows that the susceptibility to assessment and the accuracy of the assessment can be quite different and is largely dependent on the type of service in the classification. The analysis of possible ecosystem services and their relationship with the quality of life of people in the Russian Arctic indicates significant investment risks.