The relevance of the presented article will be confirmed by the fact that the extractive sector today occupies an increasingly dominant position for the domestic economy, especially after the adoption by the Russian Federation of the «Strategy for Sustainable Development until 2035». Nevertheless, the management of extractive resources has always been a serious problem for many countries of the world. The article outlines the fundamental principles, policy options and best practices that form license for sustainable development activities depends on an open and comprehensive approach to filling out its regulatory content. Russia, as a key player in the energy market, is interested in maintaining and increasing the production of hydrocarbons, so the further exploitation of Arctic energy resources is an urgent problem. However, the implementation of oil and gas projects in the Arctic is characterized by a poor impact on the natural environment, which leads to a violation of the ecological balance in the Arctic and affects the stability of its ecosystem, which is one of the most vulnerable ecosystems on the planet. The main purpose of this study is to understand how the implementation of oil and gas projects in Arctic is characterized by a poor impact on the natural environment, which leads to a violation of the ecological balance in the Arctic and affects the stability of its ecosystem, which is one of the most vulnerable ecosystems on the planet. The main purpose of this study is to understand how the implementation of oil and gas projects in the Arctic through the licensing system affects the ecosystem, assess the significance of this process and find out what the state and business could do for its successful implementation.
