This study aims to examine what the Russian concept of the Northern Sea Route’s development is and how it evolved during the post-Soviet period. The authors conclude that despite some legal inconsistencies, the lack of a proper infrastructure, and residual environmental problems, the NSR will remain an important priority for the Russian future strategy in the Arctic region. The NSR is viewed by Moscow as an effective instrument to develop the Russian Arctic both domestically and internationally. However, Moscow still faces a dilemma: On the one hand, it wants to keep its control over the NSR and support Russian shipbuilding industry and shipping companies. On the other hand, the Kremlin is willing to open up this passage for international cooperation and integrate it to the global transportation system.