The Arctic possesses about one-quarter of the world's untapped energy resources and abundant deposits of minerals. The region has always been in the focus of geopolitical interests of the USA, Russia, countries of Northern Europe, and Canada. However, with an opening of the previously ice-jammed waterways, new potential sites with vast resources have been identified and explored. Diversified transportation routes are of paramount importance to the economic and energy security of energy importing countries, particularly non-Arctic ones. As the Arctic becomes a focus of interest of many regional and non-regional actors, it is crucial to identify the dangers such a boom may bring. This chapter reviews the history of the Arctic policies of major actors in the region, overviews the contemporary approaches to the development of the Arctic, and discusses how varying interests and policies can be translated into the effective international regulations for the benefit of the entire Arctic region, its people, environment, and sustainable development.
