This article examines how Russia’s war of aggression against Ukraine has impacted Russia’s current and future Arctic natural resource development and analyses the respective geopolitical implications. Based on a desk study and expert interviews, it explores the multifaceted importance of the Arctic region and its natural resources to Russia, the challenges and opportunities in Russia’s Arctic natural resource extraction and the related international collaboration, and the potential implications of these developments for Russia’s international relations and the country’s future in general. Hence, the article synthesises the dynamics of Russia’s Arctic natural resource development. As key takeaways for Western policymakers, it identifies specific areas for careful consideration: understanding the implications of Arctic collaboration with Russia in economic and other dimensions, strengthening European Arctic industrial and scientific expertise, and open-minded visioning of the future of the Russian Arctic.