The Aurora Borealis (Northern Lights) is seen over a mountain camp north of the Arctic Circle, near the village of Mestervik late October 1, 2014.
Yannis Behrakis / Reuters

When it comes to being the next biggest thing in energy, the Arctic has lost its allure. Twenty-two percent of the world’s undiscovered resources will, for now, remain untapped. The “great game” that once seemed to be the Arctic’s destiny has been thwarted by global oil market forces and complicated by Russian President Vladimir Putin’s interventions in Ukraine and Syria. With the price of oil falling below $28 a barrel and economic sanctions curtailing Russia’s ability to exploit its Arctic claims, the clamor to look north for energy is beginning to quiet down.

Yet for Russia, the Arctic is still a strategic priority—one that many fear Putin will protect by force. A cornerstone of Moscow’s vision to reinstate Russia to its rightful international standing—that of a great power—is energy dominance. Energy provides a financial backbone for state programs, and energy pipelines are a

To read the full article

  • ELIZABETH BUCHANAN is a Ph.D. candidate in the Centre for European Studies, Australian National University, Canberra.
  • More By Elizabeth Buchanan