The ice in the Arctic sea halved since 1979 with global warming. Today ships can float for 150 days in a year and natural resources in the region are accessible. Naturally, the Arctic is gaining geopolitical and geoeconomic importance with the thawing of icebergs in the post-cold war era. Cooperation with Russia in the Arctic has significant meaning to Korea because the majority of hydrocarbon resources in the region is reserved in the Russian Arctic region; the Northern Sea Route is under the authority of the Russian Federation; and Russia is an influential participant in the Arctic governance such as the Arctic Council and the BEAC. The study provides an analysis of Russia’s Arctic development strategies and cooperation with major partners and proposes how to foster and strengthen Korea-Russia cooperation regarding the Arctic issues from establishing a comprehensive strategy to joining investment projects.