The next decade (2020s) will be a period of active policy of Russian Federation in the Arctic region. There are three major areas on this policy: development of transport infrastructure and possibilities for rescue operations in cases of emergency; exploration of rich natural resources, first of all by attracting foreign investments and technologies into the region; strengthening of military footprint of Russia in Arctic Ocean due to construction of new military bases and production of weaponry, accommodated to unique characteristics of the region. Arctic region may become an area of cooperation between eight states, which constitute the Arctic Council, but only if all of them will turn down contemporary practice of economic sanctions and diplomatic pressure. Russia and the USA as the largest Arctic powers should develop a set of measures, taken both from arsenal of classic diplomacy and from innovative practices, based on mutual recognition of national interests.