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China and Russia have different interests in the Arctic but are forced to look for possible ways of cooperation in energy projects in the current external conditions. This changes the priorities of both countries and, accordingly, transforms the risks. Objectives of the research: to build an algorithm for identifying anthropogenic environmental risks in the context of two major players economic activities in the Arctic region: the Russian Federation and China. In the paper, we formulated an algorithm of environmental risk identification. We identified environmental hazards from the main parameter—the type of economic activity for the extraction of energy resources, premises, and factors for the occurrence of environmental hazards and compiled criteria for risk selection. Methods used: complex analysis (mixed method research): empirical and comparative methods, methods of expert assessments, the method of inductive statistics (inferential statistics) to compare the perception of risk at the level of different groups. Results: the algorithm has been formed for determining risks in the changed external conditions. Major anthropogenic environmental risks are identified from the perspective of the main players in the Arctic—Russia and China, which can help to make the necessary decisions on time and partially prevent environmental degradation. This makes it possible to identify the risks associated with conducting economic activities for the extraction of energy resources in the Arctic region. Therefore, this study contributes to a more accurate identification of anthropogenic environmental risks in the Arctic region. [ABSTRACT FROM AUTHOR]

According to the forecasts made by IEA, BP, and Total in early 2021, the demand for hydrocarbons will continue for decades, and their share in the global energy balance will remain significant. Russia, as a key player in the energy market, is interested in maintaining and increasing hydrocarbon production, so further exploitation of the Arctic energy resources is an urgent issue. A large number of onshore oil and gas projects have been successfully implemented in the Arctic since the 1930s, while recently, special attention has been paid to the offshore energy resources and implementation of natural gas liquefaction projects. However, the implementation of oil and gas projects in the Arctic is characterized by a negative impact on the 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 goal of the present study is to understand how the implementation of oil and gas projects in the Arctic affects the ecosystem, to assess the significance of this process, and to find out what the state and business could do to minimize it. In the article, the authors analyze energy trends, provide brief information about important oil and gas projects being implemented in the Arctic region of Russia, and investigate the challenges of the oil and gas projects' development and its negative impacts on the Arctic environment. The main contributions of this paper are the identification of all possible environmental risks and processes accompanying oil and gas production, and its qualitative analysis and recommendations for the state and business to reduce the negative impact of oil and gas projects on the Arctic ecosystem. The research methodology includes desk studies, risk management tools (such as risk analysis, registers, and maps), brainstorming, the expert method, systematization, comparative analysis, generalization, and grouping. [ABSTRACT FROM AUTHOR]