Abstract: The subject of this research is the Arctic policy of the Republic of Korea and associated opportunities and challenges for the Russian Federation. South Korea is an active participant in polar researches and has been following its own national Arctic strategy aimed at its national priorities in Arctic zone since 2013. The policy is oriented at transport and economic development of the region and correlates to Russia's interests in attracting foreign investments and technologies to Arctic zone based on a range of parameters. The main research method is the comparative analysis of materials posted on the site of Korean Polar Research Institute. The novelty of the research is caused by the fact that it is the first research in Russian academic literature to be based on analysis of original South Korean materials including official documents. Taking into account an increasingly competitive climate in the region, Russia is interested in keeping the existing parity, thus the Republic of Korea could have become one of Russia's allies. The author of the article defines promising areas of cooperation such as development of the icebreaking fleet, creating the gas hub in Korea, and collective exploration of Northern Sea Route (NSR).