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The Arctic region is well-known as a source of energy and mineral resources. Developing these resources by means of responsible practices could provide the world's economy with strategically and critically important types of minerals. As a result, the role of the Arctic's resource potential and the approaches used to develop it are gradually changing. In current conditions, it is crucial to strike a balance between existing needs and long-term demand for traditional energy sources or critical materials, such as rare and rare-earth minerals. Achieving this balance will result in sustainable growth, meeting ESG agenda targets while considering national security priorities, and devising novel approaches to sustainable project financing. However, there is controversy between existing strategies and plans based on low-carbon development and reality, which creates new macroeconomic and geopolitical obstacles that need to be overcome. The primary goal of this research is to substantiate the necessity of transforming the Russian Arctic's mineral resource exploration in the context of global and national changes. The article presents a comprehensive analysis of the contemporary trends and tendencies influencing the exploration of the Arctic's resources, as well as a general vision of the current situation in the energy sector. Research methods include content analysis and synthesis, generalization, decomposition, elements of strategic analysis, planning and forecasting, statistical methods, econometric modeling methods, and scenario planning. An upgraded concept of sustainable development based on six key components is proposed and discussed. Recommendations are provided on how to improve the existing system of long-term planning and forecasting to reduce the high level of macroeconomic and geopolitical uncertainty. The role of Russian Artic resources is determined in light of the shift in resource use. [ABSTRACT FROM AUTHOR]

Exploitation of oil and gas resources in the Arctic offshore is one of Russia's key priorities in such areas as science, economy, and technology. Global trends, harsh climate conditions, fragile ecosystems, conditions of the pandemic and post-pandemic periods, price volatility, and the growing importance of the environmental factor require that the process of developing the Arctic's hydrocarbon resources should become strategically sustainable. The paper provides a deep literature review on sustainability issues, sustainable development, strategic sustainability, and project efficiency in the Arctic offshore oil and gas sector. The paper analyzes the trends and conditions that substantiate the need to transform the traditional sustainability concept to meet new challenges and comply with new policies. Based on the analysis, the authors propose a definition of and a conceptual framework for strategic sustainability of oil and gas offshore projects in the Arctic. [ABSTRACT FROM AUTHOR]