Nowadays the Arctic region is becoming an intersection point for many states’ interest, with its strategic importance for the economic, transport, and military fields constantly increasing. The Svalbard archipelago plays a special role in the region, since for historical reasons it has a unique legal status. While maintaining the sovereignty of Norway, other countries enjoy considerable legal opportunities for performing economic activities, provided that the peaceful status of the archipelago is not violated. However, growing strategic importance of Svalbard forces Norway and other countries of the region to look for opportunities to use it, including for solving security problems, which gives a significant rise to regional tensions. This paper analyzes the historical dynamics of the Arctic policy of Norway, Russia, and other countries towards Svalbard, as well as present-day contradictions resulting from the specifics of its legal status and a new role it is playing in the modern international relations. The conclusion has been drawn about crucially important role played by reliable guarantees of presence on the archipelago in ensuring Russian strategic interests.