The article discusses the valuation of ecosystem services in connection with the economic activity of the Russian Federation in the Arctic zone. It also considers the categories of ecosystem services in general and the assessment of ecosystem services in the Arctic in particular. The article also considers types of negative impacts on the Arctic ecosystems, their assessment, and investment risks existing in ecosystem services. It is shown that the application of the methodology and ecosystem services contributes to the adequate assessment and creation of a hierarchical classification of “usefulness” and “benefits” for society derived from the existence, use, and non-use of ecosystems. The concept of Arctic ecosystem services consists of three components: identification, monetisation, and ecological risk assessment. Identification, classification, and initial assessment, mainly at the qualitative level, allow us to determine and classify services for further improvement of life quality and regulation of socio-economic effects of environmental changes. Quantitative assessment is related to the identification of the degree of ecosystem service amenability. The example of the Arctic ecosystems shows that the possibility to assess and the accuracy of the assessment can be quite different and largely depends on the type of service. The analysis of possible ecosystem services and their relationship with the quality of life in the Russian Arctic indicates significant investment risks.