This qualitative study has evaluated the economic development progression in the Russian Arctic over the 2008-2020 time-period. Departing from the qualitatively formulated official objectives in the Russian Federation’s Policy for the Arctic to 2020 (signed in 2008), this investigation sought to trace the implementation process and analyse the extent in which they have been met. A geoeconomic theoretical framework was used to guide this study through a dual case-centric process tracing and policy evaluation methodology. The data in this investigation mainly originated from news sources, think tanks, Arctic-specific foundations, and official reports from the Arctic Council and the Nordic Council of Ministers. The investigation was not hypothesis driven but rather attempted to assess the extent to which Russia’s stated objectives corresponded with the economic reality in the Russian Arctic region. The investigation has focused on three separate but interrelated elements of the regional economic development, namely maritime activity, hydrocarbon resource development and demographic trajectory. The analysis found that economic activity in the Russian Arctic regions has increased over the time-period and the stated policy objectives are to be considered fulfilled.