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The paper reveals the problem of developing the Arctic territory by different countries. Today, this problem turns the Arctic expanses into a conflict area of these countries. These territories and resources do not belong to any particular state, because they are not located in anyoneґs borders. In turn, this fact leads to economic and political problems that arise for a long time. This article includes brief historical information on the progress of the development of the Arctic by various countries and an analysis of the economic situation in our days. In addition, the article examines the existing methods of solving economic and political problems in the Arctic and proposed a possible method of problem solution.